Technology sector

Tech Sector Update for 7/19/2022: AMZN,META,NCR,PL,LSPD,OPEN

JTech stocks rose sharply on Tuesday, with the SPDR Technology Select Sector ETF (XLK) adding 2.9% while the Philadelphia Semiconductor Index gained 4.6% this afternoon.

In company news, Amazon (AMZN) added 3.5% after the online retailer said on Tuesday it had filed a lawsuit against administrators of more than 10,000 Facebook groups for allegedly recruiting individuals to post misleading reviews on Amazon stores in the US, UK and other countries. In a statement, a spokeswoman for Facebook’s parent company Meta Platforms (META) said it was working with Amazon and other sellers “to combat spam and fake reviews” by removing fraudulent accounts and… other actions. Meta shares were up 5.2% this afternoon.

NCR (NCR) jumped nearly 13% on Tuesday following reports that the company ATM is pursuing a possible leveraged buyout transaction with private equity investors Veritas Capital. A final deal is still weeks away and is not guaranteed, sources familiar with the matter told The Wall Street Journal, explaining that some leveraged buyouts have failed due to recent market conditions.

Planet Labs PBC (PL) climbed 5% after announcing on Tuesday that it will offer satellite information on pasture health to about 100 independent dairy farms this year following the success of an earlier pilot program with the Organic Valley Cooperative . The program will extend to all members of the organization after proof of scale, the company.

Lightspeed Commerce (LSPD) grew 4% after expanding its systems integration partnership with OpenTable to North America, helping restaurants better understand customer behavior and spending and track revenue in real time . Lightspeed Commerce previously collaborated with the restaurant reservations unit of Booking Holdings in Europe. Opendoor shares were more than 10% higher.

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