Technology stocks were trending lower Wednesday afternoon, with shares of tech companies in the S&P 500 losing slightly less than 0.4% in value although the Philadelphia semiconductor index was sinking more than 2.4% lower.
Among technology stocks moving on news:
– Ebix ( EBIX ) has turned negative Wednesday afternoon, giving back a nearly 1% rise previously in the session, that followed the e-commerce software and platform company saying its CentrumDirect foreign exchange subsidiary was partnering with India-based electronic payments processor Paytm to offer money exchange services in India. The service had its initial launch on Paytm’s website and is expected to soon be integrated into Paytm’s mobile applications.
In other sector news:
– Microsoft ( MSFT ) was weaker Wednesday, falling as much as a full percentage point, following reports the software and hardware giant this week has been trimming its global sales force and laying off a small portion of its workforce. The current reorganization is smaller than 2018’s job cuts, a source familiar with the matter told CNBC, who later added the moves should not be considered a sign of Microsoft changing its strategy. Microsoft began its FY19 reporting period last week on July 1.
– Ericsson ( ERIC ) was trading in a tight range in Wednesday trading, staying within a few pennies either side of a 1% decline, despite the networking equipment company earlier announcing a deal selling its Ericsson Local Services AB unit to Sweden-based Transtema Group AB. Terms of the transaction were not disclosed. The local services business builds and maintains network infrastructure and delivers services to all parts of Sweden’s field service operations market. The deal is expected to close in Q3, subject to regulatory approvals and other closing conditions.
– Helios and Matheson Analytics Inc ( HMNY ) dropped to a new, all-time low on Wednesday, at one point sliding almost 9% to a worst-ever 17 cents a share, after late Tuesday launching a best-efforts public offering of its common stock and warrants. The number of shares and warrants to be sold, their price and other details of the underwritten offering will be disclosed at a later date. Net proceeds will be used to fund general corporate purposes at the company and its subsidiaries, the company said.