Tech Stocks Pushing to Fresh Session Highs; Vodafone Hits New 52-Week High After Confirming Verizon Talks

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Top Tech Stocks

MSFT +0.9%

AAPL +0.65%

IBM +0.5% from near 52 week lows

CSCO +0.6%

GOOG +1.2%

Technology stocks are higher with shares of technology companies in the S&P 500 gaining nearly 1.0%.

In company news, Vodafone Group ( VOD ) is up 7.5% at near $31.60 per ADR, easing from its new 52-week high of $32.00 that followed the British telecom saying it has restarted talks with Verizon Communications ( VZ ) about a buyout of VOD's stake in their wireless joint venture in the United States.

Yet because of the past on-and-off nature of the talks, VOD stressed that there was no certainty a deal could be reached. VZ shares are up 3% at near $48 each, climbing as high as $48.66 today.

VZ has sought to buy out VOD's 45% stake in Verizon Wireless for several years but the companies have not been able to agree on a price. VZ has wanted to pay around $100 billion to gain full control of the nation's largest mobile carrier while VOD has held out for a deal closer to $130 billion, people familiar with matter told the Wall Street Journal.

In another sign of VZ's renewed interest in a deal, the telecom is talking with several banks about the tens of billions in loans it would need to complete the transaction, one of the people told the newspaper. One scenario has VZ using a mixture of cash and stock, possibly borrowing $50 or more to cover the cash component.

In other sector news,

(+) PRCP, (+24%) Rises to new 52-week high after posting income from continuing operations of $0.46 per share, up from $0.16 last year. Revenue jumps 61.7% to $20.7 mln. No analyst estimates were available for comparison.

(-) JASO, (-5.2%) Q2 net loss of $0.58 per share is $0.04 wider than analyst expectations. Revenue declines 12% to $258.1 mln, topping forecasts by $7.68 mln. Last year, the lost $1.85 per share on $284.37 mln in revenue.



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This article appears in: Investing , Commodities

Referenced Stocks: VOD , VZ

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