Technology stocks were headed for a higher close Monday, with the Technology Select Sector SPDR ETF (XLK) up 0.7% while the Philadelphia Semiconductor Index gained 0.6%.
In company news, Gilat Satellite Networks (GILT) was 0.3% lower after saying it has expanded its 4G network with a tier 1 mobile network operator in North America for disaster recovery and ongoing operational business needs. Financial terms of the new contract were not disclosed.
Akoustis Technologies (AKTS) turned 5.9% lower, reversing an earlier advance on news the networking equipment company agreed to acquire a 51% stake in RFM Integrated Device for $6 million in cash and $2.5 million in Akoustis shares. Akoustis also received an option to buy the remaining 49% of the low-power radio frequency devices supplier next year.
To the upside, CDW (CDW) climbed 4.6% after the information technology distributor announced plans to acquire Sirius Computer Solutions from private equity investors Clayton, Dubilier & Rice for $2.5 billion in cash. CDW said the deal will boost its services portfolio 45% to about $1.3 billion annually.
PLBY Group (PLBY) rose 8.3% after agreeing to purchase the Dream social content platform for up to $30 million, mostly in stock, for use in its Centerfold adult content site, which is expected to launch before the end of the year.