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Technology stocks were falling back from their recent gains on Monday, with shares of tech companies in the S&P 500 rising about 0.1% during Monday trade.
In company news, Etsy Inc. ( ETSY ) shares jumped out to a big gain on Monday after analyst coverage of the online marketplace company was started with a buy rating at Citigroup, which also set a $14 price target for the stock.
Etsy is scheduled to release its Q2 financial results after Tuesday's closing bell. Analysts, on average, are expecting the company to report a net loss of $0.01 per share on about $80.55 million in net sales, according to Capital IQ, improving on $0.07 per share loss and sales of $61.37 million during the year-ago period.
ETSY shares were up over 17% at $11.84 each, backing down from an earlier rise to $11.89 a share.
In other sector news,
(+) FLTX, (+38.8%) Agrees to $2.4 bln buyout offer from Verizon ( VZ ), which will pay $60 for each FLTX share, a 39.6% premium over Friday's closing price.
(-) SCTY, (-7.2%) Confirms definitive $2.6 bln merger agreement with Telsa, which will pay $25.37 per share in stock for SCTY. Also installs 201 megawatts during Q2, up 40% over year-ago levels and topping its 185-MW forecast.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
