Tech Stocks Find Little Traction Today; Zhone Technologies Soars Following Start of Craig Hallum Coverage


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Technology stocks are slightly lower with shares of technology companies in the S&P 500 retreating 0.2% as a group this afternoon.

In company news, Zhone Technologies ( ZHNE ) is up up more than 32% at $5.22 a share, just 7 cents under its new 52-week high and its best price in over five years after coverage of the communications equipment company was initiated at Craig Hallum with a Buy rating and a price target of $8 a share.

In other sector news,

(+) YHOO, Boosts stock buyback by $5 bln. Also disclosed plans for a $1-bln debt offering of convertible senior notes, with proceeds slated for additional share repurchases and possible acquisitions.

(-) CRNT, Shares fall to a 10-year low ahead of an expected offering of its common stock after the close of today's regular market session. The networking equipment manufacturer has not said how many shares it expects to sell.

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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