Technology stocks were advancing on Wednesday, with the Technology Select Sector SPDR Fund (XLK) rising 1.9% and the Philadelphia Semiconductor Index gaining 2.5% this afternoon.
In company news, Logitech (LOGI) rose 4.4% after Citigroup Wednesday raised its price target for the computer peripherals company by $10 to $75 a share and reiterated its buy rating for the stock.
Vicor (VICR) advanced 3.8% after the electronic components manufacturer said Boeing (BA) used Vicor’s high-frequency ZCS/ZVS power modules in the aerospace giant’s mPOWER communications satellite launched Dec. 16 to provide broadband internet access to people around the world where access currently is either restricted or nonexistent.
Blackberry (BB) declined nearly 11% after the software firm swung to a $0.05-per-share net loss during its fiscal Q3 ended Nov. 30 compared with break-even results for the year-ago period, while revenue fell to $169 million from $184 million last year. Analysts, on average, had been expecting a $0.07-per-share loss on $166.8 million in Q3 revenue.
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