Technology Sector Update for 01/13/2020: PHUN,AXE,WCC,AMRH – Nasdaq

Top Tech Stocks

MSFT +0.87%

AAPL +1.05%

IBM -0.45%

CSCO +1.70%

GOOG +0.38%

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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