Sector Update: Tech

By Staff,

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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 ( FTR ) 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 AT&T ( T ).

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 year.

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.

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: FTR , T

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