Tech Stocks Narrowly Higher; Investors, Analyst Both Punish Blackberry After Buyout Evaporates


Top Tech Stocks

MSFT +1.10%

AAPL +0.67%

IBM +0.69%

CSCO +0.13%

GOOG -0.29%

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

In company news, Blackberry ( BBRY ) shares are in free-fall after the struggling smart-phone manufacturer called off a planned sale of the company and instead accepted a $1-billion investment intended to keep the firm afloat while it again reviews its strategic options.

Would-be buyer Fairfax Financial Holdings today scrapped its take-over bid but together with unnamed institutional investors will purchase $1 billion of convertible debentures. CEO Thorsten Heins also agreed to step down in a a management shakeup that will also result in a new board chairman joining the company.

Shares were last trading at $6.45 each, down 17%, just 5 cents off their latest 52-week low. Analysts also are starting to reduce their investment ratings for BBRY shares, with National Banks dropping the stock to Underperform and slashing its price target to just $3 a share.

In other sector news,

(+) EXTR, (+17.3%) Non-GAAP earnings of $0.06 per share in fiscal Q1 beat analyst forecasts by $0.02. Revenue slips 0.3% from year-ago levels to $75.9 mln but still tops Capital IQ consensus by $1.2 mln.

(+) LUNA, (+4.2%) Signs agreement granting UltraTech International Incorporated ( UTEK ) an exclusive license to commercialize its new textile repellent technology. UTEK shares also are 4.7% higher this afternoon.

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: BBRY , UTEK

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