Technology stocks were advancing on Monday, with the Technology Select Sector SPDR Fund (XLK) rising 2.8% and the Philadelphia Semiconductor Index 5% higher this afternoon.
In company news, Verb Technology (VERB) gained over 82% on Monday after the software-as-a-service company said it was exploring potential actions to address suspicious and possibly illegal trading of its stock, including “naked” short-sales, spoofing, and other activities to artificially lower its share price.
InterDigital (IDCC) added 9.4% after the networking equipment company began a modified Dutch auction tender offer to buy back up to $200 million of its common shares priced at $60 to $69 each. The tender offer expires Feb. 17.
Western Digital (WDC) rose 8.7% amid reports the data storage company was in advanced merger talks with Japanese rival Kioxia Holdings. Under the terms of the proposed transaction, Western Digital would spin off its flash business and combine it with Kioxia, with the new company run by Western Digital management and trading both in the US and Japan, according to a Bloomberg News report.
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