Tech Sector Edging Higher; Zillow Taking Its Lumps After Rolling Out Stock Offering, Acquisition

By Staff,

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Technology stocks are higher, with shares of technology companies in the S&P 500 rising about 0.2%.

In company news, Zillow ( Z ) is down nearly 5% at $86.76 a share, sliding as low as $85.39 after disclosing plans for an underwritten public offering of 5 million shares, with the company selling 2.5 million shares of its Class A common stock pursuant to a shelf registration statement.

An additional 1.5 million shares will be offered by Technology Crossover Ventures, a venture capital firm and an early investor in the online real-estate information and marketing website. Other sellers include Rich Barton, the company's former CEO and currently its executive board chairman. Z expects to issue 30-day options to underwriters to purchase up to 753,522 additional shares.

The company today also said it was acquiring StreetEasy, a New York-based real estate website for $50 million in cash. StreetEasy attracts nearly 1.2 million monthly unique users, primarily home and cooperative shoppers in Manhattan and the other four NYC boroughs.

In other sector news,

(+) EFUT, (+54.4%) Inks deal with Rainbow Department Stores, supplying software to the Chinese retailer facilitating easy access between sales clerks and customers.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: Z

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