Technology Sector Update for 05/13/2022: GTLB, GS, TWTR, ASNS

Technology stocks were rebounding Friday, with the SPDR Technology Select Sector ETF (XLK) rising 3.0% and the Philadelphia Semiconductor Index gaining 4.9% this afternoon.

In company news, Gitlab (GTLB) was climbing 19% after a new regulatory filing showed Friday Goldman Sachs (GS) acquired a 6.9% equity stake in the software-development platform company, owning approximately 3.9 million shares.

Twitter (TWTR) fell 9.2% after Elon Musk overnight said in a Twitter post his $ 44 billion buyout of the social media company was “temporarily holding on” while he determines that the company’s claims that 5% of its accounts are fake true. Roughly two hours after his initial tweet, however, Musk said he was “still committed to (the) acquisition.”

Actelis Networks (ASNS) was sinking during its first day as a public company, falling as much as 35% after networking services company overnight pricing a $ 15 million initial public offering of 3.75 million common shares, adding an additional 750,000 shares to the deal over. Its original IPO plans but at the bottom of its expected range of $ 4 to $ 6 a share.

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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