Technology stocks continued to weigh on the broader market Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.9 percent, while the Philadelphia Semiconductor index fell 0.8 percent.
In company news, shares of Extreme Networks (EXTR) fell more than 17 percent after it said chief financial officer Remi Thomas would step down next month. Cristina Tate, Extreme’s head of financial planning and analysis, will serve as interim chief financial officer until a permanent successor is chosen, the company said.
Amphenol (APH ) fell 1.4% after the electronic connector maker forecast non-GAAP and revenue for the current quarter ended March 31 that missed analysts’ expectations and reported better-than-expected fourth-quarter results. Looking ahead, the company expects adjusted first-quarter net income of $0.65 to $0.67 per share on sales of $2.84 billion to $2.9 billion, missing Capital IQ’s forecasts of $0.69 per share and $29.90 per share. One hundred million U.S. dollars.
Millicom International Cellular (TIGO) shares surged after it said it was discussing a potential private equity takeover with Apollo Global Management (APO) and the Claure Group, confirming speculation that had sent shares up nearly 20%. Millicom said the talks focused on Apollo and Claure buying all of its outstanding shares, and cautioned that the parties had not yet agreed on a price or other deal terms or whether a deal would actually happen.
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