Technology sector

Tech Sector Update 5/13/2022: GTLB, GS, TWTR, ASNS

JTech stocks rebounded on Friday, with the SPDR Technology Select Sector ETF (XLK) up 3.0% and the Philadelphia Semiconductor Index up 4.9% this afternoon.

In company news, Gitlab (GTLB) climbed more than 19% after a new regulatory filing on Friday showed Goldman Sachs (GS) had acquired a 6.9% stake in the platform company. software development company, holding nearly 3.9 million shares.

Twitter (TWTR) fell 9.2% after Elon Musk said overnight in a Twitter post that his planned $44 billion takeover of the social media company was “temporarily on hold” while ‘he determines whether the company’s claims that less than 5% of its accounts are fake are true. However, about two hours after his first tweet, Musk said he was “still committed to (the) acquisition.”

Actelis Networks (ASNS) was sinking in its first day as a public company, dropping as much as 35% after the networking services company overnight secured a $15 million initial public offering of 3, 75 million common shares, adding another 750,000 shares to the deal on its initial IPO plans, but at the bottom of its expected range of $4 to $6 per share.

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