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These two technology stocks are each trading down over 90%. Is it time to buy shares at a steep discount?
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 Shares Rubicon Technology Inc. soared 70.0% toward a 6 1/2-year high in premarket trading Tuesday, after Janel Corp. launched a tender offer to buy a 45% interest in the optical systems company for $20.00 a share. The price of the tender offer represents a 119.8% premium to Friday's closing price of $9.10. The tender offer is expected to kick off within the next 10 business days and is expected to be completed about 30 days after the start. Rubicon said once the tender offer is completed, it will pay a special dividend of $11.00 a share to its shareholders. And after the closing, two current board member will resign and Janel will have the right to select their replacements, and Rubicon plans to start the process of voluntarily delisting its stock from the Nasdaq. Rubicon's stock has gained 1.5% year to date through Friday, while the S&P 500 has dropped 19.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Our theme of Value Tech Stocks - which is comprised of technology stocks with a market cap of over $5 billion and a price-to-earnings multiple of under 20x - has declined by almost 24% year-to-date, although it has outperformed the broader Nasdaq-100 index, which remains down 30% over the same pe...
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Shares of BioNTech SE fell 0.9% in premarket trading Tuesday, after CureVac N.V. filed in Germany a patent infringement suit against the biotechnology company. CureVac said there were certain of its patents that were utilized in the manufacture and sale of BioNTech and Pfizer Inc.'s COVID-19 vaccine, Comirnaty. CureVac said while it doesn't seek an injunction, and won't take legal action to impede the production or sale of Comirnaty, it is seeking "fair compensation" for infringement of its patents. CureVac's stock rose 0.4% in premarket trading, and Pfizer shares slipped 0.8%. Year to date, CureVac's stock has tumbled 58.5% and BioNTech shares have shed 38.9%, while the iShares Biotechnology ETF has dropped 21.3% and the S&P 500 has shed 19.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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