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Technology stocks were advancing Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.6% while the Philadelphia Semiconductor Index was gaining 0.2%.
In company news, RingCentral (RNG) rose 7.6% following a Morgan Stanley upgrade of the software-as-a-service company to overweight from equal weight coupled with a $5 decrease in its price target for the stock to $50.
Jacobs Solutions (J) added 1.4% after the technology consultancy Wednesday said it has received a $99.8 million contract from the US Navy to integrate, activate, and verify special test equipment at its Naval Surface Warfare Center now being built in Crane, Indiana. Jacobs will also support test operations and site sustainment after the facility opens, it said.
Arqit Quantum (ARQQ) dropped over 13% after the software firm reported $7.2 million in FY22 revenue, missing the two-analyst mean expecting $30.1 million in revenue for the 12 months ended Sept. 30.
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