Top Tech Stocks
Technology stocks were quickly losing ground this afternoon, giving back a nearly 0.5% gain made earlier and holding just a 0.1% gain.
In company news, Yandex NV ( YNDX ) sped to a three-year high on Thursday, fetching its highest share price since July 2014 at $32.44 apiece after the Dutch internet portal and search engine company announced plans to combine its ridesharing businesses in Russia and several former Soviet republics with the American ridesharing service Uber.
Uber has committed to contributing $225 million to the joint venture in addition to its UberEATS businesses from throughout the region. Yandex is putting up $100 million and the companies estimate the new business combination will be worth around $3.73 billion on a post-money basis after its expected close by the end of the year.
In addition to Russia, the new partnership will extend into Azerbaijan, Armenia, Belarus, Georgia and Kazakhstan.
In other sector news,
(+) XGTI, (+17.0%) Projected Q2 revenue of $14.1 mln to $14.5 mln exceeds single-analyst estimate expecting $9.2 mln in revenue. Also sees surprise quarterly profit and positive EBITDA vs. lone analyst call expecting a $0.15 per share net loss.
(-) DRWI, (-12.9%) Reports Q1 net loss of $0.52, improving on $1.23 per share net loss during year-ago period but still exceeding the $0.29 per share lone analyst estimate. Revenue falls 28% from last year to $9 mln. There was no revenue forecast.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.