Technology stocks fell hard on Monday, with the Technology Select Sector SPDR Fund (XLK) dropping 1.9% while the Philadelphia Semiconductor Index was sinking 2.7% this afternoon.
In company news, CACI International (CACI) rose 2.3% after the cybersecurity firm plans for a $250 million accelerated stock buyback as part of its recent authorized $750 million share repurchase program. The stock buybacks through the new agreement should be completed by August 30, the company said.
To the downside, Nano Dimension (NNDM) dropped 4.6% after additive electronics company said it rejected a bid by Canadian investment manager Murchinson Ltd and its CEO, Marc Bistricer, to convene a special shareholder meeting, saying the hedge fund manager did not meet the necessary requirements under the Israeli corporate rules. The company Monday also said it adopted a limited duration shareholder rights plan intended to thwart unsolicited takeover attempts.
Canon (CAJ) fell 6.3% after the Japanese cameras, printers and optical products company reported a 21% year-over-year increase in Q4 sales, rising to 1.157 trillion yen but still narrowly trailing the Capital IQ consensus call expecting 1.165 trillion yen. It earned 84.84 billion yen ($651.8 million), inching past the 84.56 billion yen analyst mean.
Silicom (SILC) dropped over 14% after the networking equipment company beat the single analyst estimates with its Q4 results and also projected between $37 million to $38 million in revenue for the current quarter ending March 31, straddling the $37.8 million analyst’s call.
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