Technology stocks were slightly higher this afternoon with
shares of technology companies in the S&P 500 advancing about
0.2% as a group today.
In company news, Frontier Communications (
) was narrowly higher Monday afternoon after the Federal
Communications Commission late Friday approved the voice, video and
data services company's proposed $2 billion acquisition of local
wireline, broadband and video operations in Connecticut from
FTR previously received similar anti-trust approval from the
U.S. Department of Justice with the Connecticut Public Utilities
Regulatory Authority the remaining agency needing to sign off on
the transaction, which is expected to close before the end of the
Under the terms of the deal, T will receive $2.0 billion in cash
for the shares of its Southern New England Telephone Co. and SNET
America subsidiaries. The deal includes over 900,000 voice
connections and around 415,000 broadband connections. FTR also will
acquire around 180,000 U-Verse video subscribers.
FTR shares were up about 1.2% in late trade at $5.94 apiece,
climbing earlier today to a session high of $5.99 a share. T also
was slightly higher this afternoon, rising 0.4% to $35.67 a share,
up 13 cents.
In other sector news,
(+) DPW, Secures $2 mln order from the Republic of Korea to
provide uninterruptible power supply systems on four military
tankers now under construction.
(-) CRNT, Announces plans to sell a yet-to-be-determined number
of its shares in an underwritten public offering. Reports non-GAAP
net loss of $5.0 mln, or $0.10 per share, improving on $5.7 mln
loss last year but $0.04 per share wider than Street view.
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