Tech Shares Gain; Integrated Silicon Added to GSI Tech Lawsuit; GSIT and PRFT Hit 52 Wk Highs


Top Tech Stocks

JNJ +0.2%

PFE +1.5%

ABT +0.4%

MRK -1.2%

AMGN -0.25%

Technology stocks are moderately higher with shares of technology companies in the S&P 500 climbing 0.4%.

In sector news, Integrated Silicon Solution ( ISSI ) is up more than 1% at $11.34 a share, reversing early declines that followed the semiconductor firm saying GSI Technology ( GSIT ) accused it and United Memories of anticompetitive actions winning an DRAM-chip order from Cisco Systems ( CSCO ).

The complaint initially was filed against privately held United Memory alone and was later amended to include ISSI. The court recently denied GSIT's request for a temporarily injunction against the firms, ruling GSIT had not shown the design database contained any of its proprietary information.

According to the ruling denying an injunction, the court wrote that CSCO told GSIT it lost out to ISSI and United Memory because it "lacked experience in DRAM," later explaining CSCO choice appeared to have "more to do with GSIT's shortcomings rather than" ISSi's partnership with United Memory.

GSIT also is higher today, rising 1.3% to a 52 week high of $7.40 a share while CSCO was off 0.1% at $23.25 a share.

In other sector news,

(+) PRFT, (+3.4%, hit fresh 52 week highs) Acquires CoreMatrix Systems, a consulting firm specializing in cloud computing services and solutions, for $21.5 million, plus $10 million in contingency fees subject to certain financial achievements.

(-) CTL, (-1.5%) Connects its first customer with its dedicated 100-gigabit per second data-networking circuit.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CSCO , GSIT , ISSI

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