Sector Update: Tech Stocks on Upswing; Demand Media Spin-Off Lower In Market Debut


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Technology stocks were higher Monday with shares of technology companies in the S&P 500 advancing about 0.9%.

In company news, Rightside Group Ltd. ( NAME ) shares were lower late Monday in their market debut following the spin-off late Friday of the Internet domain name-services provider from former corporate parent Demand Media ( DMD ).

The spin-off was structured as a tax-free distribution of shares, with DMD shareholders of record on July 25 receiving one NAME share for each five DMD shares they owned. Immediately following that transaction, DMD also executed a 1-for-5 reverse split of its stock.

NAME shares were slightly lower at $15.35 apiece this afternoon, swinging in a range of $14.99 to $16.77 a share during today's session. Volume has been relatively light, with only 88,497 shares changing hands.

DMD shares were soaring Monday, with shares of the digital content company nearly doubling today. At last look, the stock was up 89.5% at $9.95 a share, earlier climbing to a split-adjusted $12.13, a four-year high.

In other sector news,

(+) OVRL, Expects Q4 revenue to top $24 mln, including more than $8 mln in RDX revenue and exceeding analyst estimates by at least $1 mln.

(-) CBDE, Continues balance-sheet restructuring, converting $7.0 mln of previously issued convertible notes held by Washington H. Soul Pattinson and Co. Ltd. into stock.

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: NAME , DMD

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