Tech stocks were mixed late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.4% and the Philadelphia Semiconductor index falling 0.6%.
In corporate news, Carbon Revolution (CREV) shares more than doubled after the company said it received an initial investment of $70 million from a structured equity facility of up to $110 million from fund vehicles associated with Orion Infrastructure Capital.
SolarEdge (SEDG) shares slumped 5.6%. Wells Fargo downgraded the stock to equalweight from overweight and cut the price target to $82 from $190. BNP Paribas Exane and Citigroup were among investment firms that lowered SolarEdge’s stock rating and price target last week.
Hollysys Automation Technologies (HOLI) shares jumped almost 6% after Ascendent Capital Partners said it has become the largest shareholder of the Beijing-based company with a nearly 14% stake and outlined a buyout offer at $26 a share in cash.
Vertex (VERX) said Monday it entered into a partnership with Shopify (SHOP) under which enterprise merchants that use Shopify’s Tax Platform will be able to automate tax calculation and compliance tasks. Vertex shares fell 6%, and Shopify declined 1.8%.
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