Technology stocks were advancing moderately on Wednesday, with the SPDR Technology Select Sector ETF (XLK) rising 0.8% and the Philadelphia Semiconductor Index adding 0.7%.
In company news, Workday (WDAY) climbed over 12% after overnight beating Wall Street estimates with its fiscal Q3 results and nudging the bottom end of its forecast range for fiscal 2023 subscription revenue higher. The enterprise cloud applications also plans to buy back up to $500 million of its class A shares over the next 18 months.
NetApp (NTAP) tumbled 9.8% after the cloud-services company projected non-GAAP net income and revenue for its current Q3 ending in late January lagging analyst estimates and it also cut its forecast for adjusted fiscal 2023 earnings on both sides of its prior guidance range by $0.10 per share, now expecting between $5.30 to $5.50 per share. Analysts, on average, are looking for a $5.41 per share profit, excluding one-time items.
WiSA (WISA) was falling almost 35%, earlier sinking more than 39% to an all-time low of $0.10 a share, after the audio technology company Wednesday priced a $7.6 million public offering of 54 million shares and pre-funded warrants at $0.14 apiece, or 15.2% under its last closing price. Investors also received equal numbers of five-year series A warrants and five-year series B warrants both exercisable at $0.14 per share.
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