Technology stocks continue to lead Thursday’s market rally, with the SPDR Technology Select Sector ETF (XLK) rising 7.6% and the Philadelphia Semiconductor Index pushing out to an 9.8% gain this afternoon.
In company news, ASML Holding (ASML) rose over 14% after the Dutch chipmaking equipment manufacturer said it plans to repurchase up to 12.0 billion euros of its shares.
RingCentral (RNG) climbed more than 30% after late Wednesday reporting higher Q3 results compared with year-ago levels that beat Wall Street expectations and the cloud communications company also boosted its forecast for adjusted 2022 profit to a new range of $1.97 to $1.98 per share. Analysts polled by Capital IQ, on average, are expecting RingCentral to earn $1.93 per share this year, excluding one-time items.
Unity Software (U) rose over 28% after the 3-D software firm reported a smaller non-GAAP Q3 net loss than analysts were expecting and also guided revenue for the current quarter exceeding Wall Street estimates. Unity now sees Q4 revenue in a range of $425 million to $445 million compared with the Capital IQ consensus looking for $389 million.
Wix.com (WIX) gained nearly 20% after paring its Q3 results exceeded analyst estimates.
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