Technology Sector Update for 08/15/2022: IS,U,APP,SNAP,YOU

Technology stocks were moderately higher, with the SPDR Technology Select Sector ETF (XLK) Monday rising 0.4% while the Philadelphia Semiconductor Index was gaining 0.2% this afternoon.

In company news, ironSource (IS) added 13% after prospective merger partner Unity Software (U) Monday rejected an unsolicited buyout offer from AppLovin (APP) and again said shareholders should vote in favor of the all-stock acquisition bid by ironSource. Unity and ironSource in July agreed to a deal that values the app-monetization firm at around $4.4 billion while AppLovin last week offered to pay $20 billion in stock for Unity. AppLovin shares recently were falling 6.4% while Unity was 6.9% lower this afternoon.

Snap (SNAP) rose 5.4% after the social media company Monday said more than 1 million people already have signed up for paid subscriptions to its Snapchat+ service since its June 29 launch.

Clear Secure (YOU) dropped 6.4% Monday afternoon. The identity-protection software firm reported non-GAAP Q2 net income of $0.00 per share, unchanged compared with year-ago levels and beating the Capital IQ consensus looking for a $0.04 per share adjusted loss. Revenue rose 86% for Q2, topping analyst forecasts, and the company also projected above-consensus revenue for the current quarter.

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