Technology sector

Tech Sector Update for 1/31/2022: SONY, ATKR, BB, BB.TO, CTXS

JTech stocks extended their lead from Monday, with the SPDR Technology Select Sector ETF (XLK) rising 1.9% late in the session while the Philadelphia semiconductor index was up 3.5% this afternoon. .

In corporate news, Sony (SONY) rose 4.8% after announcing its $3.6 billion purchase of longtime Playstation partner Bungie, which sells Destiny and Halo video games. The deal is subject to regulatory approvals and other closing conditions, the companies said.

BlackBerry (BB) climbed 4.1%, reversing an early 6.1% decline to a 13-month low of $7.40 per share, after the Canadian networking and cybersecurity software company announced that was selling all of its non-core intellectual property to Catapult IP Innovations for $600 million. BlackBerry will continue to license the purchased assets, which include legacy BlackBerry mobile devices, messaging and wireless networking software. The agreement also won’t affect customers’ use of the company’s products or services, he said.

Atkore (ATKR) gained more than 11% after the electrical wiring company reported first-quarter results that beat Wall Street expectations and projected FY22 profits also beat analysts’ estimates. It forecasts adjusted net earnings for the 12 months ending Sept. 30 in the range of $12.80 to $13.60 per share compared to Capital IQ’s consensus seeking earnings for FY22 of $9.90. per share, excluding one-off items.

Among decliners, Citrix Systems (CTXS) fell 3.7% after accepting a $16.5 billion buyout offer from private equity investors Vista Equity Partners and Evergreen Coast Capital, which will combine the software company workflow with Vista’s TIBCO software. Vista and Evergreeen will pay $104 for each Citrix share, up 24% from Dec. 20, the last trading day before media reports of a potential Vista-Evergreen bid.

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