TTechnology stocks reversed earlier declines to head higher ahead of Wednesday’s close, with the Technology Select Sector SPDR ETF (XLK) rising 0.9% and the Philadelphia Semiconductor index advancing 1.2%.
In company news, Activision Blizzard (ATVI) shares fell nearly 14% after the video game publisher reported higher-than-estimated third-quarter earnings but projected adjusted EPS of $ 3.70 for sales of $ 8.66 billion. Analysts polled by Capital IQ were looking for non-GAAP net income of $ 3.81 per share on $ 8.79 billion in revenue this year.
Digital Turbine (APPS) fell 18% after the mobile software developer forecast revenue of $ 350-355 million for its third quarter ending Dec.31, behind Capital IQ’s consensus estimate of 359.9 millions of dollars.
Playtika Holding (PLTK) fell more than 22% after the mobile game developer reported third-quarter GAAP earnings of $ 0.20 per share, down from $ 0.31 per share a year earlier and falling short of expectations de Street for GAAP earnings of $ 0.25 per share. Revenue was up 3.7% from last year’s levels to $ 635.9 million, behind Street View’s $ 662 million.
Among the winners, Akamai Technologies (AKAM) climbed 5.5% after Morgan Stanley raised its target for the cloud services firm’s share price from $ 11 to $ 130 and on Wednesday reiterated a rating of equal weight action, citing “incremental progress” based on recently released third quarter results from Akamai. .
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