Industry update: tech stocks drift underwater as chipmaker weighs in
Technology stocks were down slightly, with the SPDR Technology Select Sector (XLK) ETF slipping 0.3% on Wednesday while the Philadelphia Semiconductor index was down 0.8% this afternoon.
In company news, Trimble (TRMB) fell nearly 1% after the software company on Wednesday announced a stake in autonomous tractor maker Monarch Tractor. Financial terms were not disclosed.
Coupa Software (COUP) slipped 5.3% after Oppenheimer slashed its price target for the enterprise expense management software company from $ 25 to $ 275 per share on Wednesday while maintaining an outperformance rating for the action of society.
SS&C Technologies Holdings (SSNC) rose slightly after announcing on Wednesday that it had made a preliminary cash offer to acquire London rival Blue Prism Group for 12 pounds ($ 16.16) a share, or about $ 1.6 billion at total for the automated production software company. Blue Prism said it is evaluating the offer and postponed a shareholders meeting to vote on a previous offer of Â£ 11.25 per share from Vista Equity Partners Management.