Technology sector

Tech Sector Update 4/18/2022: CASA,XELA,TWTR,TSLA

JTech stocks were up on Monday, with the SPDR Technology Select Sector ETF (XLK) up 0.4% and the Philadelphia Semiconductor Index up 2.2% this afternoon.

In company news, Casa Systems (CASA) was nearly 49% higher, climbing up to 76% previously, after saying Verizon Communications (VZ) had invested $40 million in the equipment company. network, acquiring a 9.9% stake, as part of a broader, multi-year deal that will see Verizon purchase 5G core network functions from Casa Systems to power its mobile edge computing service offerings. Verizon fell 0.4% this afternoon, returning a nearly 1% lead.

Exela Technologies (XELA) added 10% after the transaction processing firm launched a $125 million public offering on Monday, with investors able to exchange up to 100 million of their common shares for 5 million of its perpetual shares. Series B Cumulative Convertible Bonds1 at 6.00%. The Company also initiated a 1-for-1 exchange of its 6.00% Series B Cumulative Convertible Preferred Shares for an equal number of its B1 Preferred Shares.

Twitter (TWTR) rose 5% after the social media platform company adopted a limited-time shareholder rights plan on Friday in response to the Tesla CEO’s $54.20 per share buyout offer ( TSLA), Elon Musk, last week. The rights plan becomes exercisable if a person or a group of investors acquires at least 15% of the outstanding shares of the company without the approval of the board of directors.

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