Technology stocks are higher with shares of technology companies
in the S&P 500 gaining nearly 1.0%.
In company news, Vodafone Group (
) is up 7.5% at near $31.60 per ADR, easing from its new 52-week
high of $32.00 that followed the British telecom saying it has
restarted talks with Verizon Communications (
) about a buyout of VOD's stake in their wireless joint venture in
the United States.
Yet because of the past on-and-off nature of the talks, VOD
stressed that there was no certainty a deal could be reached. VZ
shares are up 3% at near $48 each, climbing as high as $48.66
VZ has sought to buy out VOD's 45% stake in Verizon Wireless for
several years but the companies have not been able to agree on a
price. VZ has wanted to pay around $100 billion to gain full
control of the nation's largest mobile carrier while VOD has held
out for a deal closer to $130 billion, people familiar with matter
told the Wall Street Journal.
In another sign of VZ's renewed interest in a deal, the telecom
is talking with several banks about the tens of billions in loans
it would need to complete the transaction, one of the people told
the newspaper. One scenario has VZ using a mixture of cash and
stock, possibly borrowing $50 or more to cover the cash
In other sector news,
(+) PRCP, (+24%) Rises to new 52-week high after posting income
from continuing operations of $0.46 per share, up from $0.16 last
year. Revenue jumps 61.7% to $20.7 mln. No analyst estimates were
available for comparison.
(-) JASO, (-5.2%) Q2 net loss of $0.58 per share is $0.04 wider
than analyst expectations. Revenue declines 12% to $258.1 mln,
topping forecasts by $7.68 mln. Last year, the lost $1.85 per share
on $284.37 mln in revenue.
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