Sector Update: Technology


Technology shares are lower in pre-bell trading. Fairfax Financial CEO Prema Watsa, who is resigning from Blackberry's board to avoid a conflict of interest as the company explores a sale, said he has no current intention of selling its shares in Blackberry ( BBRY ). Blackberry shares are halted until 8:30 a.m., last trading up 1% at $9.87.

And, Perion Network ( PERI ) has entered into, and launched, a multi-year search and distribution relationship with Yahoo! Inc. Terms of the deal were not disclosed. Through this agreement, Yahoo!'s search marketplace and search experience is available to Perion's customer base. PERI is down 10% at $10.90.

Also, WebMD Health ( WBMD ) says it began a tender offer to purchase up to 5 million shares of its stock for $34 each. It represents about 10% of shares outstanding. The tender offer will expire at 5:00 p.m., New York City time, on Tuesday, September 10. Also this morning, WebMD says it named David J. Schlanger as CEO and Steven L. Zatz, M.D. as president. Schlanger has been interim CEO since May. WMD is flat at $33.40 in pre-market.

Separately, Tessera Technologies ( TSRA ) says that FLIR Systems has acquired a significant portion of the assets of Tessera's Micro-Optics business based in Charlotte, North Carolina. Total consideration paid by FLIR was approximately $15 million. TSRA is flat at 18.96 pre-bell.

Finally, Rambus ( RMBS ) says it plans to offer $100 million aggregate principal amount of its convertible senior notes due 2018 in a private placement to qualified institutional buyers. It also expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $15 million aggregate principal amount of the notes to cover over-allotments, if any. RMBS is flat at $9.22.

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: BBRY , PERI , RMBS , TSRA , WBMD

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