Sector Update: Tech Stocks Ending With Slight Losses; China Mobile Games Falls After Reports President, Other Executives Ousted

By Staff,

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Technology stocks were slightly lower with shares of technology companies in the S&P 500 retreating about 0.2% this afternoon.

In company news, China Mobile Games and Entertainment Group Ltd. ( CMGE ) fell as much as 25% Thursday, reaching its lowest share price since last October following unconfirmed reports in the Chinese media the company fired its president amid allegations of a wider bribery scheme at the game publisher.

Bloomberg, citing a Sina Tech report, said Ying Shuling and at least eight other CMGE executives have been removed.

CM GE shares were halted down 22.6% at $14.63 each shortly before today's closing bell, earlier sliding to a session low of $14.06 a share. The stock has a 52-week range of $10.05 to $40.31 a share, rising nearly 18% over the past year.

In other sector news,

(+) MEAS, Agrees to $86-per-share buyout offer from TE Connectivity ( TEL ) in a deal worth $1.7 bln, including assumed debt. TEL expects the transaction will add to its per-share earnings in its first year, excluding acquisition costs.

(-) NOK, Retreats from 52-week high set Wednesday after today completing mandatory redemption of EUR800 mln ($1.09 bln) of senior notes issued in March 2013 by its Nokia Solutions and Networks Finance BV unit.

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

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

This article appears in: Investing Commodities
Referenced Stocks: CMGE , TEL

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