Technology stocks extended their afternoon advance, with the SPDR Technology Select Sector ETF (XLK) Wednesday rising 0.8%, while the Philadelphia Semiconductor Index was climbing 0.2% this afternoon, reversing a small midday decline.
In company news, Sphere 3D (ANY) jumped out to a more than 25% gain after merger target Gryphon Digital Mining Wednesday said it has taken delivery of 7,200 S19J Pro Antminers and has started mining bitcoin. Under terms of the proposed transaction, Sphere 3D will issue 111 million shares to Gryphon, which will own roughly 59% of the combined companies stock, based on Sphere 3D's 79.5 million outstanding shares currently.
Ironnet (IRNT) climbed nearly 33% after the cybersecurity company late Tuesday said it continues to expect FY22 revenue in a range of $43 million to $45 million, straddling the single-analyst estimate looking for $44 million in revenue for the 12 months ending Jan. 31.
Citrix Systems (CTXS) rose 3% after the workspace software firm reportedly hired financial and legal advisers to measure potential buyout interest, Bloomberg News reported, citing unnamed people with knowledge of the matter. No decision has been made on whether to proceed with a sale and could choose to continue as a standalone company, the sources told Bloomberg.
Microsoft (MSFT) was 1.8% higher after the tech giant said it has authorized a new $60 billion stock buyback program and also declared a quarterly dividend of $0.62 per share, up 11% over its most recent distribution to investors.