Technology stocks were moving forward on Monday, with the Technology Select Sector SPDR Fund (XLK) rising 2.8% and the Philadelphia Semiconductor Index 5% higher this afternoon.
In corporate news, Verb Technology ( VERB ) rallied more than 82% on Monday after the software-as-a-service company said it is investigating potential actions to combat questionable and inappropriate sales of its products, including small “naked” sales. “. spoofing, and other activities to reduce the value of its share.
InterDigital ( IDCC ) added 9.4% after the Internet equipment company started a Dutch public offering to resell up to $200 million of its common shares at a price of $60 to $69 each. Tenders will end on Feb. 17.
Western Digital ( WDC ) rose 8.7% amid reports the data storage company was in advanced talks with its Japanese partner Kioxia Holdings. Under the terms of the deal, Western Digital will divest its monitoring business and merge it with Kioxia, a new company controlled by Western Digital management and selling in the US and Japan, according to a Bloomberg News report.
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