Technology Sector Update for 04/18/2022: CASA,XELA,TWTR,TSLA

TTechnology stocks were advancing on Monday, with the SPDR Technology Select Sector ETF (XLK) rising 0.4% and the Philadelphia Semiconductor Index gaining 2.2% this afternoon.

In company news, Casa Systems (CASA) was nearly 49% higher, earlier climbing as much as 76%, after saying Verizon Communications (VZ) invested $40 million in the networking equipment company, acquiring a 9.9% stake, as part of a broader , multi-year deal that will see Verizon buy 5G core network functions from Casa Systems to power its mobile edge compute service offerings. Verizon has turned 0.4% lower this afternoon, giving back a nearly 1% advance.

Exela Technologies (XELA) added 10% after the transaction processing company Monday began a $125 million stock exchange offer, with investors eligible to swap up to 100 million of their common shares for 5 million of its 6.00% series B1 cumulative convertible perpetual shares. The company also has started a 1-for-1 exchange of its 6.00% Series B cumulative convertible preferred shares for an equal number of its B1 preferred shares.

Twitter (TWTR) rose 5% after the social media platform company Friday adopted a limited-duration shareholder rights plan in response to Tesla (TSLA) CEO Elon Musk’s $54.20-per-share buyout offer last week. The rights plan becomes exercisable if an individual or a group of investors acquires at least 15% of the company’s outstanding shares without board approval.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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