Technology sector

Tech Sector Update 4/14/2022: ERIC, SOFO, TWTR, TSLA

JTech stocks were down on Thursday, with the SPDR Technology Select Sector ETF (XLK) down 1.7% and the Philadelphia Semiconductor Index down 2.1% this afternoon.

In corporate news, Ericsson (ERIC) fell 8.4% after the Swedish networking equipment and software company overnight reported a first-quarter net profit of 0.88 crowns ( $0.09) per share, down from 0.96 crowns per share in the same quarter in 2021 and behind the Capital IQ consensus call expecting earnings of 1.31 crowns per share for the three months ended March 31.

Sonic Foundry (SOFO) fell nearly 11% after the video network software company offered a $4.3 million public offering of 1.7 million common shares at $2.55 each, or 13.2% lower than Wednesday’s closing price.

Twitter (TWTR) rose 1.9% after Tesla (TSLA) CEO Elon Musk offered to acquire the 90.9% of the social media platform he doesn’t already own for $54.20 per share and privatize the company, with the non-binding, $42 billion. offer representing an 18.2% premium to Twitter’s last closing price. Twitter’s board was reviewing the proposal to determine its best course of action, the company said.

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