Technology stocks are slightly higher, with shares of technology
companies in the S&P 500 climbing about 0.2%.
In company news, Blackberry (
) shares are in free-fall after the struggling smart-phone
manufacturer called off a planned sale of the company and instead
accepted a $1-billion investment intended to keep the firm afloat
while it again reviews its strategic options.
Would-be buyer Fairfax Financial Holdings scrapped its take-over
bid but together with unnamed institutional investors will purchase
$1 billion of convertible debentures. CEO Thorsten Heins also
agreed to step down in a a management shakeup that will also result
in a new board chairman joining the company.
Shares were last trading at $6.45 each, down 17%, just 5 cents
off their latest 52-week low. Analysts also are starting to reduce
their investment ratings for BBRY shares, with National Banks
dropping the stock to Underperform and slashing its price target to
just $3 a share.
In other sector news,
(+) EXTR, (+17.3%) Non-GAAP earnings of $0.06 per share in
fiscal Q1 beat analyst forecasts by $0.02. Revenue slips 0.3% from
year-ago levels to $75.9 mln but still tops Capital IQ consensus by
(+) LUNA, (+4.2%) Signs agreement granting UltraTech
International Incorporated (
) an exclusive license to commercialize its new textile repellent
technology. UTEK shares also are 4.7% higher this afternoon.
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