Technology sector

Technology Sector Update 3/21/2022: HUSN,NET,WIMI,PLAN

JTech stocks continued to slide Monday afternoon, with the SPDR Technology Select Sector ETF (XLK) falling 0.6% while the Philadelphia semiconductor index slipped 1.0% this afternoon.

In company news, Hudson Capital (HUSN) rose nearly 28% after it said its wholly-owned logistics software subsidiary Freight App l had already attracted several new and existing customers – including l of Mexico’s largest food producer – for its recently launched Fr8PrivateFleet app developed to match shippers’ needs with carriers’ capacity.

Anaplan (PLAN) also rebounded on Monday, climbing nearly 28% after the data storage company accepted a $10.7 billion takeover offer from private equity investor Thoma Bravo on Sunday. Under the terms of the proposed transaction, Anaplan investors will receive $66 per share in cash, or 30.4% more than the stock’s closing price on Friday.

Among the decliners, WiMi Hologram Cloud (WIMI) slipped 0.1%, returning a small midday lead that followed the augmented reality company on Monday announced it had been selected to join the Proshares Metaverse exchange-traded fund. (VERS) which tracks 40 companies facilitating digital interaction in the metaverse.

Cloudflare (NET) fell 4.6% after Stifel cut its price target for the software-as-a-service company from $6 to $120 on Monday and reiterated its holding rating for the stock.

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