Sector Update: Tech Stocks Declining on Monday

Last Updated: Monday, May 16, 2022 4:01 PM | MT Newswires

Technology stocks were sliding this afternoon, with the SPDR Technology Select Sector ETF (XLK) falling 0.8% while the Philadelphia Semiconductor Index was declining 1.4% this afternoon.

In company news, Data Storage (DTST) was 48% higher late in Monday trading after the data protection and recovery company Monday swung to a Q1 profit of $0.02 per share from a $0.01 per share loss during the same quarter last year. Revenue increased 235% year-over-year to $8.7 million.

IQIYI (IQ) jumped 15% after a double upgrade of the online entertainment platform company to overweight from underweight at JPMorgan, which also raised its price target for the stock by $6 to $8 a share.

ManTech International (MANT) also rose 15% after the cybersecurity company agreed to a $4.2 billion buyout offer from private-equity investors Carlyle Group (CG), which will pay $96 in cash for each ManTech share, representing a 17% premium over Friday's closing price. Investors owning 49.2% of ManTech's outstanding shares already have committed to supporting the deal. Carlyle shares were 0.3% lower in recent trade.

Among decliners, Monday.com (MNDY) slumped 5.6% on Monday after the work management software firm saw its Q1 non-GAAP net loss widen to $0.96 per share from $0.63 per share during the same quarter last year although the result still beat the Capital IQ consensus call expecting a $1.01 per share adjusted loss.

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