Tech Stocks Weighing Heavily on Nasdaq Composite, S&P 500; Spreadtrum Soars On $1.4-Bln Buyout Proposal

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Technology stocks are broadly lower this afternoon with shares of technology companies in the S&P 500 slumping more than 0.9%.

In company news, Spreadtrum Communications ( SPRD ) is up 17.3% at $26.15 a share after saying it has received a non-binding buyout proposal from Tsinghua Holdings Co. Ltd. - a state-owned limited liability company funded by Tsinghua University in China -offering $28.50 per American Depositary Share in cash for the fabless chipmaker.

The estimated $1.38-bln buyout proposal represents a nearly 28% premium over SPRD's closing price last night of $22.29. SPRD said its board is reviewing the offer and has not yet made any decisions.

In other sector news,

(+) WILN, (+6.8%) Renews long-term license agreement with Samsung for its patented technology for use in wireless mobile and networking infrastructure products, adding greater patent scope and several years to the prior pact. All other terms of the license agreement are confidential.

(-) ORCL, (-8.6%) Adjusted Q4 EPS of $0.87 matched the analyst consensus. Revenue was unchanged for the second quarter in a row at $10.9 bln, missing expectations by $222 mln. The company also said it would double its quarterly dividend to $0.12 per share, authorized a $12-bln stock buyback and move its stock listing to the New York Stock Exchange.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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