Technology sector

Technology Sector Update 11/04/2022: SONY,STER,MSP,SAIL

JTech stocks were still weighing on broader markets on Monday, with the SPDR Technology Select Sector ETF (XLK) down 2.5% this afternoon while the Philadelphia semiconductor index slipped 2.0% .

In corporate news, Sony Group (SONY) fell 5.6% after announcing it would invest an additional $1 billion in Epic Games, matching a $1 billion investment in the company. company behind the popular “Fortnite” from Kirkbi, the owner of Lego toys and entertainment. brands. Sony made its first investment in Epic Games in July 2020, contributing $250 million, followed by a strategic investment of $200 million in April 2021 as part of a $1 billion funding round.

Sterling Check (STER) slid 8.7% on Monday, recovering slightly from a more than 10% decline that followed a downgrade by Morgan Stanley of the equal-weight identity verification firm to overweight. Morgan Stanley analysts also set a price target of $26 for sterling shares, matching Friday’s closing price for the stock.

Among the winners, Datto (MSP) rose nearly 21% after accepting a proposed $6.2 billion acquisition of private remote management software company Kaseya, valuing the software company based on the cloud at $35.50 per share in cash, 23.6% above its last closing price. .

SailPoint Technologies Holdings (SAIL) soared more than 29% after the identity security firm on Monday accepted a $6.9 billion buyout offer from private equity investor Thoma Bravo, which will pay $65 $.25 in cash for each SailPoint share, a 25.5% premium to Friday’s close. the price.

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