Technology stocks were leading Monday's markets selloff, with the shares of tech stocks in the S&P 500 declining 3.9% while the Philadelphia Semiconductor Index was sinking 4.5%.
Among technology stocks moving on news:
(+) RigNet (RNET) climbed more than 12% on Monday after the networking services and cyber-security company said it has negotiated a $15 million increase for its revolving facility to $100 million and extended the due date until August 2022. The revised loan agreement also includes $30 million accordion facility, allowing RigNet to increase the line of credit.
In other sector news:
(+) Xperi (XPER) was declining more than 1%, reversing a 2.7% gain that followed the semiconductor packaging company receiving a buyout proposed from Metis Ventures. Under terms of the proposed acquisition, Xperi investors would receive $23.30 in cash for each of their shares.
(-) Knowles (KN) was 1.4% lower this afternoon. The electronic components manufacturing company earlier Monday authorized a new, $100 million stock buyback program. The company said it will fund the repurchase with cash on hand and future cash generated from operations.
Price: 3.66, Change: +0.40, Percent Change: +12.27
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