Top Tech Stocks
Technology stocks were sharply higher in recent trading, with the shares of tech stocks in the S&P 500 advancing over 0.9% while the Philadelphia Semiconductor Index was rising more than 1.1%.
Among technology stocks moving on news:
(+) Phunware (PHUN) slid nearly 5% after the mobile software-as-a-service company filed a shelf registration for a sale of up to $15 million of its common shares or warrants. Net proceeds will be used for working capital and general corporate purposes.
In other sector news:
(-) Anixter International (AXE) slipped fractionally on Monday after Wesco International (WCC) won a bidding war valuing the electronic cabling company at $4.5 billion in cash and stock, topping a rival bid by private-equity investors Clayton, Dubilier & Rice. Under terms of the proposed acquisition, Anixter investors will receive $100 per share, consisting of $70 in cash plus 0.2397 of a Wesco common share for each of their existing shares.
(-) Ameri Holdings (AMRH) dropped over 27% after the IT and data services firm Monday agreed to an all-stock merger transaction with cannabinoid cancer therapies firm Jay Pharma. Under the terms of the proposed deal, existing Ameri investors will own 16% of the combined companies and Ameri will spin off its existing business to a private group led by Ameri management and its preferred shareholders.
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