Sector Update: Tech Stocks Gaining Ground Monday

Last Updated: Monday, October 18, 2021 2:43 PM | MT Newswires

Technology stocks rose Monday afternoon, with the Technology Select Sector SPDR ETF (XLK) Monday up 0.7% while the Philadelphia Semiconductor Index gained 0.4%.

CDW (CDW) climbed 4.3% 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 7% 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.

Akoustis Technologies (AKTS) turned 4.3% 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 in Akoustis shares. Akoustis also received an option to buy the remaining 49% of the low-power radio frequency devices supplier in 2022.

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