Technology sector

Tech Sector Update 5/16/2022: MNDY, MANT, IQ

JTech stocks pared some of their earlier declines, with the SPDR Technology Select Sector ETF (XLK) dropping 0.8% while the Philadelphia semiconductor index slid 1.2% this afternoon.

In company news, Monday.com (MNDY) fell 3.9% on Monday after the labor management software company saw its first-quarter non-GAAP net loss drop to $0.96. per share, compared to $0.63 per share in the same quarter last year, although the result still beat Capital IQ’s Consensus Call forecasting an adjusted loss of $1.01 per share.

ManTech International (MANT) rose more than 15% after the cybersecurity company accepted a $4.2 billion takeover bid from private equity investors Carlyle Group (CG), which will pay $96 in cash for every ManTech share, representing a 17% premium over Friday. the last price. Investors holding 49.2% of ManTech’s outstanding shares have already pledged to back the deal, the companies said. Carlyle shares were up 0.4% in recent trading.

IQIYI (IQ) jumped almost 17% after a double upgrade from the online entertainment platform company to overweight it from underweight in JPMorgan, which also raised its price target for the share from $6 to $8 per share.

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