Tech Sector Edging Higher This Afternoon; Fusion-io Rallies Following Upgrade, Seen As Likely Buyout Target

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Top Tech Stocks

MSFT +1.5%

AAPL +1.7%


IBM +1%

CSCO +1.2%

GOOG +0.8%

Technology stocks are narrowly higher with shares of technology companies in the S&P 500 gaining 0.3%.

In company news, Fusion-io ( FIO ) is up more than 20%, climbing as high as $13.34 and away from near 52 week lows after FBN Securities raised its rating for the maker of storage memory platforms to Outperform from Sector Perform with a $15 per share price target.

The research shop sees FIO as a potential takeover target, suggesting Seagate Technology ( STX ) as a potential suitor following a deal this morning by rival Western Digital Corp ( WDC ) for privately held flash-storage company Virident Systems for $685 million.

STX shares are up 2.5% at near $40.50 apiece this afternoon. WDC is up 0.9% at near $65.60 a share.

In other sector news,

(+) GRPN, (+3.8%, has hit fresh 52 week highs) Daily-deals company acquires last-minute travel company Blink for an undisclosed sum, with the Blink app rebranded "Blink by Groupon."

(-) HSOL, (-6.3%) Narrows Q2 net loss by $0.11 compared to the year-ago levels to $0.32 per American depository share. Revenue rises 7.5% year over year to $192.7 mln. Analyst estimates were not available for comparison.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Commodities

Referenced Stocks: FIO , STX , WDC

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