Technology stocks were advancing this afternoon, with the SPDR Technology Select Sector ETF climbing 1% while the Philadelphia Semiconductor Index was ahead 0.8%.
In company news, Synaptics (SYNA) climbed 13% after Rosenblatt Securities Wednesday raised its investment recommendation on the touch and display technologies company to buy from neutral previously and also increased its price target for Synaptics shares by $7 to $73 each.
Slack Technologies (WORK) advanced 7.6% after the messaging platform company Wednesday announced its purchase of privately held Rimeto, which produces software for searchable directories. Financial terms were not disclosed but Slack said the deal is not expected to have a material impact on its financial results for the 12 months ending Jan. 31.
Forescout Technologies (FSCT) was 5% higher after the cybersecurity company Wednesday said its Q2 revenue likely will total between $78 million to $82 million, topping the Capital IQ consensus call expecting $70.4 million in revenue for the three months ended June 30.
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