Technology stocks were moderately lower early Friday afternoon, with the Technology Sector SPDR ETF (XLK) slipping 0.3% while the Philadelphia Semiconductor Index dropped 0.9%.
In company news, Ericsson (ERIC) shares fell more than 10% after the Swedish telecommunications equipment maker missed Wall Street expectations with its Q2 profit and sales, earning 1.10 Swedish kronor ($0.13) per share on 54.9 billion kronor in sales compared with analyst consensus for 1.12 kronor per share and 57.58 billion kronor, respectively, in a Capital IQ survey.
JOYY (YY) fell 3.1% after Morgan Stanley cut its price target for the Chinese streaming and social media stock by $61 to $80 while reiterating an overweight rating.
Aehr Test Systems (AEHR) rallied Friday, at one point climbing 35% to its best price since October
2017 at $3.80 a share, after the semiconductor equipment company reversed a year-ago Q4 net loss with a $0.04 per share adjusted profit as revenue grew 102% year-over-year to $7.6 million. The lone analyst polled by Capital IQ had been expecting non-GAAP net income of $0.02 per share on $7.03 million in revenue.
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