Big Surge for Tech Sector in Afternoon Trade; Blackberry White Knight Emerges: Reports


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Technology stocks have solidified its late advance with shares of technology companies in the S&P 500 gaining nearly 1.2% shortly before the closing bell.

In company news, Blackberry Limited ( BBRY ) is finishing with a nearly 7% gain today at $11.56 a share, climbing as high as $11.65 following weekend reports in the (UK) Sunday Times in England that Fairfax Financial (FFH.TO) is set to spend "billions" to buy out the ailing smart-phone company.

Toronto-listed Fairfax Financial (FFH.TO) is led by Prem Watsa, who recently stood down as a BBRY director, citing a potential conflict of interest. The newspaper did not name any of its sources for the story but said Watsa already has lined up billions of dollars in backing from Canada's largest pension funds to support his bid.

BBRY, through a spokesman, said it would not "comment on speculation surrounding Prem Watsa and his efforts."

In other sector news,

(+) FIO, FBN Securities upgrades the maker of storage memory platforms to Outperform with a $15 per share price target, citing potential buyout value after Western Digital Corp ( WDC ) today pays $685 mln for Virident Systems.

(-) HSOL, Narrows Q2 net loss by $0.11 from last year to $0.32 per ADS. Revenue rises 7.5% year over year to $192.7 mln. No analyst estimates were available.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BBRY , WDC

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