Tech Stocks Drifting Lower Into The Close; Riverbed Tech Rallies After Confirming $19 a Share Buyout Bid


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Technology stocks have turned lower this afternoon with shares of technology companies in the S&P 500 slipping around 0.3% in late trade.

In company news, Riverbed Technology ( RVBD ) shares advanced over 13% today, reaching an intra-day high of $20.29 a share after confirming it received an unsolicited buyout offer from Elliott Management.

The deal would pay RVBD shareholders $19.00 in cash for each share they now own. The networking equipment manufacturer said its board will review the offer "in due course," adding it does not expect to issue additional statements about the bid unless there is a material development.

In other sector news,

(+) MU, Q1 EPS of $0.77 beats by $0.26 per share. Revenue rose 120% year over year to $4.04, topping analyst consensus by $330 mln. Results aided by the chip-maker's acquisition last year of Elpida Memory Inc.

(-) RBCN, Generates $28.2 mln in gross proceeds from the sale of around 2.5 mln of its shares. The stock closed Tuesday at $11.44 a share. The maker of light-emitting diodes did not say how it plans to spend the new money.

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

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