Technology sector

Technology Sector Update 8/15/2022: IS, U, APP, SNAP, YOU

JTech stocks were moderately higher, with the SPDR Technology Select Sector ETF (XLK) rising 0.4% on Monday while the Philadelphia semiconductor index gained 0.2% this afternoon.

In company news, ironSource (IS) added 13% after potential merger partner Unity Software (U) on Monday rejected an unsolicited takeover offer from AppLovin (APP) and again said the shareholders are expected to vote in favor of ironSource’s all-stock takeover bid. Unity and ironSource reached a deal in July valuing the app monetization company at around $4.4 billion, while AppLovin last week offered to pay $20 billion in stock for Unity. Shares of AppLovin recently fell 6.4% while Unity was down 6.9% this afternoon.

Snap (SNAP) rose 5.4% after the social media company said on Monday that more than one million people had already taken up paid subscriptions to its Snapchat+ service since its launch on June 29.

Clear Secure (YOU) fell 6.4% on Monday afternoon. The identity protection software company reported Q2 non-GAAP net income of $0.00 per share, unchanged from year-ago levels and beating Capital IQ’s consensus search an adjusted loss of $0.04 per share. Revenue rose 86% for the second quarter, beating analysts’ forecasts, and the company also forecast revenue above consensus for the current quarter.

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