Sector Update: Technology
Technology shares are lower in pre-bell trading, while mobile communication technology company TeleCommunication Systems ( TSYS ) has entered a patent alliance with a subsidiary of Marathon Patent Group, whereby Marathon has acquired certain patents from TSYS' wireless data patent portfolio.
The patents involve wireless technology that enable the seamless synchronization of data between handheld devices, tablets, e-readers and servers. These patents resulted from some of the foundational wireless data development work by Aether Systems. TSYS acquired the Enterprise Mobility Solutions division of Aether Systems in 2004.
And, Active Network ( ACTV ) is up early 27% in pre-market trade after saying private equity firm Vista Equity Partners has offered to buy the company for $14.50 per share or $1.05 billion in an all-cash transaction.
The offer represents a premium of more than double ACTV's year-to-date average closing stock price.
ACTV said its board recommends that shareholders tender their shares in the offer.
Finally, Park Electrochemical ( PKE ) reported Q2 earnings of $0.29 per share, ex one-time items, in line with the Capital IQ consensus. Revenues were $44.5 million, versus the analyst estimate of $45.99 million.
In the same period last year, the company reported EPS of $0.28 on revenues of $46.43 million.
Shares closed at $28.72 with a 52-week range of $22.31 - $30.18.