Technology stocks were off their worst levels of Monday's markets selloff, with the shares of tech stocks in the S&P 500 declining 3.6% while the Philadelphia Semiconductor Index was sinking 4.1%.
Among technology stocks moving on news:
(+) Salesforce.com (CRM) was 1.5% in late Monday trading. The Wall Street Journal said one-time General Electric (GE) Digital spinoff ServiceMax later Monday will announce an $80 million infusion led by the venture arm of Salesforce.com and ServiceMax private-equity majority owner Silver Lake. Salesforce Ventures invests in promising business-software companies with a goal of improving the Salesforce platform and provides portfolio firms with strategic and operating support in addition to funding.
In other sector news:
(+) RigNet (RNET) climbed nearly 13% 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 a $30 million accordion facility, allowing RigNet to increase the line of credit.
(-) Knowles (KN) was 0.2% 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.
(-) Xperi (XPER) was declining by about 1%, reversing a 2.7% gain that followed the semiconductor packaging company receiving a buyout proposal from Metis Ventures. Under terms of the proposed acquisition, Xperi investors would receive $23.30 in cash for each of their shares.
Price: 186.60, Change: -2.90, Percent Change: -1.53
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