Technology stocks were slipping Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.7% and the Philadelphia Semiconductor Index falling 1.6%.
In company news, Maxar Technologies (MAXR) shares soared 122% after the company said it agreed to be acquired by Advent International for $6.40 billion in cash. Advent agreed to buy all of Maxar’s outstanding common stock for $53 per share under the deal, which will likely close in mid-2023, after which Maxar will be a private company.
Avaya Holdings (AVYA) shares plunged 64% after The Wall Street Journal cited unspecified sources as saying that the company is close to filing for bankruptcy in order to restructure its balance sheet. The company on Dec. 13 said it had disclosed ongoing talks with certain financial shareholders “regarding a comprehensive resolution to strengthen [its] balance sheet and position the business for long-term success.”
Outbrain (OB) shares were climbing more than 11% after the company authorized a new share buyback program of up to $30 million of its common shares.
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