Technology Sector Update for 12/12/2022: COUP, DAKT, NNDM

Technology stocks were outpacing most industry sectors in Monday trading, with the SPDR Technology Select Sector Fund (XLK) rising 0.9% while the Philadelphia Semiconductor Index was gaining 0.5% this afternoon.

In company news, Coupa Software (COUP) soared almost 27% after the business spending management firm agreed to an $8 billion buyout offer from private-equity investors Thoma Bravo. Coupa shareholders will receive $81 in cash for each share.

Daktronics (DAKT) rose over 10% after the stadium-displays firm reported a 14% year-over-year increase in its Q2 revenue, rising to $187.4 million during the three months ended Oct. 29. The company also said it negotiated a $10 million, short-term increase to an existing $35 million loan facility.

Nano Dimension (NNDM) gained 7.3% after saying an unnamed European army is buying the company's DragonFly IV 3-D printer. Financial terms of the new purchase order were not disclosed but the company said it marks the tenth time a western military agency has bought the printer capable of producing three-dimensional electronic parts used in unmanned aerial drones and satellites.

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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