February 6, 2023

Technology stocks hung on for a small gain, with the Technology Select Sector SPDR Fund (XLK) Wednesday rising 0.1% while the Philadelphia Semiconductor Index added 2.5%.

Rekor Systems (REKR) gained 2.7% after the software firm Wednesday said it has received new or extended railroad data collection contracts from transportation agencies in Pennsylvania, Florida, Mississippi, Alabama and Ohio with a combined value of more than $5 million.

Salesforce (CRM) rose 3.6%. The customer-relationship management software firm plans to cut about 10% of its jobs and reduce office space in selected markets as part of broader efforts to bolster its operating margins amid stiff macro headwinds. The company expects the moves will cost $1.4 billion to $2.1 billion.

Microsoft (MSFT) fell 4.4% after UBS cut its stock rating for the tech giant to neutral from buy and also lowered its price target by $50 to $250. Microsoft also was reportedly is in late-stage talks with privately held Gatik about a potential $10 million investment as part of a new funding round that would value the autonomous-driving technology startup at more than $700 million, two people familiar with the discussions told Reuters.

Mobileye (MBLY) fell 4.8%. The autonomous driving technology firm said it was partnering with Wistron NeWeb to produce a new sensor device for self-driving vehicles. Financial terms of the deal with the Taiwanese hardware company were not disclosed. Mobileye said its imaging technology is generating “strong” interest from several potential customers with the companies expecting to begin deliveries in around two years.

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