Sector Update: Tech Stocks Shake Off Early Sluggishness, Set to Close Higher

Last Updated: Monday, August 15, 2022 3:57 PM | MT Newswires

Technology stocks extended their earlier gains, with the SPDR Technology Select Sector ETF (XLK) Monday rising 0.7% and the Philadelphia Semiconductor Index 0.4% higher this afternoon.

In company news, Ribbon Communications (RBBN) gained 1.7% after the networking technology company Monday disclosed plans for a $52 million private placement of 17.05 million shares at $3.05 each, or 7.6% under Friday's closing price. The deal was led by funds affiliated with Neuberger Berman client funds and also included JPMorgan Chase and Swarth Investments, the company's two largest institutional investors.

ironSource (IS) added 11% after prospective merger partner Unity Software (U) Monday rejected an unsolicited buyout offer from AppLovin (APP) and again said shareholders should vote in favor of the all-stock acquisition bid by ironSource. Unity and ironSource in July agreed to a deal that values the app-monetization firm at around $4.4 billion, while AppLovin last week offered to pay $20 billion in stock for Unity. AppLovin shares were falling 8%, while Unity was 6.9% lower this afternoon.

Snap (SNAP) rose 6.3% after the social media company Monday said more than 1 million people have already signed up for paid subscriptions to its Snapchat+ service since its June 29 launch.

Among decliners, Clear Secure (YOU) dropped 2.4% Monday afternoon. The identity-protection software firm reported non-GAAP Q2 net income of $0.00 per share, unchanged compared with year-ago levels and beating the Capital IQ consensus looking for a $0.04 per share adjusted loss. Revenue rose 86% for Q2, topping analyst forecasts, and the company also projected above-consensus revenue for the current quarter.

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