Technology stocks were little changed on Friday, with the SPDR Technology Select Sector ETF climbing less than 0.1% in recent trade while the Philadelphia Semiconductor Index was rising 0.2% this afternoon.
In company news, Applied Materials (AMAT) was 3.9% higher after late Thursday reporting better-than-expected financial results for its fiscal Q3 ended July 26 and also projecting adjusted net income and revenue for the current quarter exceeding Wall Street forecasts. Excluding one-time items, the chipmaker earned $1.06 per share on $4.4 billion in revenue, topping the Capital IQ consensus looking for $0.95 per share and $4.17 billion, respectively.
To the downside, Baidu (BIDU) tumbled 6.2% after the Chinese internet company reported a 1.1% decline in Q2 revenue from year-ago levels, slipping to RMB26.03 billion compared with RMB26.33 billion during the same quarter last year although that still topped the Capital IQ consensus expecting RMB25.79 billion in revenue for the three months ended June 30
Rimini Street (RMNI) slid naerly 17% after the software firm Friday priced a $27.5 million public offering of 6.1 million common shares at $4.50 each, or about 14.4% under Thursday’s closing price. Net proceeds will be used for working capital and other general corporate purposes, the company said.
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