Tech Sector Sinking Today; TIM Participacoes Near 2-Year High As Rivals Said Eyeing Brazilian Telecom

By Staff,

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MSFT -1%

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Technology stocks are moderately lower with shares of technology companies in the S&P 500 falling 0.5% in afternoon trade.

In company news, TIM Participacoes SA ( TSU ) gained in Friday trade, advancing over 10% to its best levels in almost two years following reports that the Brazilian mobile-phone company may be the target of a takeover bid by one or more telecommunications companies.

Italy's Il Sole 24 Ore newspaper said Brazilian rival Oi SA ( OIBR ) is seeking to buy TSU, currently ranked No. 2 among the country's largest telecoms. Spanish telecom Telefonica SA ( TEF ) and America Movil ( AMX ), through its Claro unit, also are said to be in the hunt, according to the report.

TSU American depository shares recently pushed to a new intra-day high after easing slightly around mid-day. OIBR and TEF ADRS also are higher, with OIBR up near 20%. TEF was ahead 0.4% while AMX is flat to lower.

In other sector news,

(+) FEYE, (+34%, new 52 week highs) Acquires privately-held Mandiant, paying $106.5 mln in cash and issuing 21.5 mln shares of its common stock for the security products firm. Also issues upside Q4, FY14 revenue guidance, boosting Q4 revenue by $3 mln to $55 mln to $57 mln, topping estimates by at least $1.48 mln. Increases FY14 outlook by $170 mln to a range of $400 mln to $410 mln versus $248.74 mln consensus.

(-) RFIL, (-22.4%, but above day lows) Q4 preliminary net income declines to $0.11 per share from $0.12 in the year-ago period. Quarterly revenue declines 9% year over year to $8.4 mln, largely due to a drop in demand for cabling systems and more competitive pressure.

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: AMX , OIBR , TEF , TSU

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