Technology sector update for January 13, 2020: PHUN, AX, WCC, AMRH

<pre><pre>Has STMicroelectronics N.V. (STM) surpassed other computer and technology stocks this year?

Top tech stocks

MSFT + 0.87%

AAPL + 1.05%

IBM -0.45%

CSCO + 1.70%

Toget + 0.38%

Technology stocks were significantly higher in recent trade, with technology stocks in the S&P 500 gaining over 0.9% while the Philadelphia Semiconductor Index rose more than 1.1%.

Among the technology stocks that spread news:

(+) Phunware (PHUN) declined nearly 5% after the mobile software-as-a-service company filed a trade registration for the sale of up to $ 15 million of its common stock or warrants. The net proceeds will be used for working capital and general corporate purposes.

In other industry news:

(-) Anixter International (AX) slipped slightly on Monday after Wesco International (WCC) won a bidding war in which the electronic cabling company was valued at $ 4.5 billion in cash and stocks. As part of the proposed acquisition, Anixter investors will receive $ 100 per share consisting of $ 70 in cash plus $ 0.2397 common Wesco shares for each of their existing shares.

(-) Ameri Holdings (AMRH) fell over 27% after IT and data services firm Monday approved a merger with cannabinoid cancer therapy company Jay Pharma. Under the terms of the proposed contract, existing American investors will own 16% of the combined companies, and Ameri will split its existing business into a private group led by the management of Ameri and its preferred shareholders.

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