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. (
) is down nearly 5% at $83.69 a share, sliding as low as $81.82
after Sohu.com Inc. (
) 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
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. (
). 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 (
) 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.
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