Sector Update: Technology


Technology stocks are little changed, with shares of technology companies in the S&P 500 falling less than 0.1%.

In company news, Qihoo 360 Technology Co. Ltd. ( QIHU ) is down nearly 5% at $83.69 a share, sliding as low as $81.82 after Inc. ( SOHU ) agreed to accept a $448-million investment from Tencent Holdings Ltd. for its Sogou unit rather continuing with talks with QIHU about a possible acquisition of the internet-search engine unit.

As part of the accord, Tencent will merge its Soso search-related businesses and selected other assets with Sogou.

Industry experts had believed a potential tie-up between QIHU and Sogou would result in a stronger challenger to Chinese search-engine behemoth Baidu Inc. ( BIDU ). Prior to Monday's decline, QIHU shares had more than tripled in price this year, rising 13% this month alone.

SOHU is up 6.7% at $69.06 per American depository share while ADS' of BIDU are up 0.6% at $143.42 each.

In other sector news,

(-) AAPL, (-2.7%) Wall Street Journal reports China Telecom ( CHA ) will reduce its customer subsidies for the iPhone 5S - effectively making it more expensive than the iPhone 5.

(-) PERI, (-10.0%) Agrees to merge with Conduit's Client Connect business in an all-stock transaction that will give Conduit shareholders an 81% ownership stake in the combined companies.

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: BIDU , CHA , QIHU , SOHU

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