Back to main

Tech Sector Slumping; Blackberry Giving Back Sharp Gains Fueled by Buyout Speculation

Posted
10/15/2013 2:57:00 PM
By: MT Newswires
Referenced Stocks:BBRY

Top Tech Stocks

MSFT +0.33%

AAPL +0.62%

IBM -1.10%

CSCO -0.39%

GOOG +0.78%

Technology stocks are lower, with shares of technology companies in the S&P 500 declining almost 0.5%.

In company news, Blackberry Inc ( BBRY ) is again even at $8.14 a share, drifting lower from a sharp rally shortly before 1 p.m. ET that followed speculation private equity firm Cerebus Capital Management was set to announce a deal for all or some of the struggling smartphone company's assets.

Canadian business news broadcaster BNN this afternoon was reporting Cerebus has signed a non-disclosure agreement allowing it to examine BBRY's financial books.

BBRY already has a $9-a-share offer on the table from Fairfax Financial (FFH.TO), although several news outlets have said the Canadian financial services company has run into difficulties pulling together funding for the deal. Former BBRY co-CEO Mike Lazaradis reportedly has also been working to form a consortium for a rival bid.

In other sector news,

(+) MTSL, (+41.9%) Inks three-year contract with SBC Communication to supply the cable, telephone and Internet access provider with mobile virtual-network enabler services.

(-) TDC, (-17.5%) Reduces Q3 EPS forecast by as much as $0.40 to a new range of $2.70 to $2.80 per share, trailing the Thomson Reuters consensus by at least $0.03. Also sees little growth from year-ago levels, also lagging the Street view.