Technology stocks are lower today with shares of technology
companies in the S&P 500 falling about 1.4%.
In company news, Volterra Semiconductor (
) is up nearly 55% to near $22.90 a share after Maxim Integrated
) this morning disclosed plans to acquire the chip-maker for $23
MXIM valued the deal at $450 million overall, net of VLTR's cash
position. VLTR primarily develops chips for enterprise,
cloud-computing, communications and networking markets. MXIM makes
a broad range of semiconductors.
"With Volterra, we will strengthen our position in the
enterprise and communications markets," said MXIM Chief Executive
Tunc Doluca said in prepared remarks. MXIM shares are down 3% to
In other sector news,
(+) A, (+2%, hit fresh 52 week highs) Earns $0.68 per share in
fiscal Q4, beating Wall Street expectations by $0.06. Net revenue
falls 4.1% to $1.65 bln, matching estimates. Forecasts Q4 EPS of
$0.75 to $0.77 on $1.70 bln to $1.72 bln in revenue, in-line with
Street view on both sides.
(-) CSCO, (-6.8%) Adjusted Q4 EPS of $0.52 beats by $0.01.
Matches analyst estimates for revenue with 6.2% year over year rise
to $12.4 billion but failing to meet the most optimistic
expectations looking for 8% growth. Firm also said it will cut
workforce by 4,000 jobs, or 5%.
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