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Tech Stocks Little Changed; GT Advanced Tech Down 7% on $125-Mln Plan to Offer Convertible Senior Notes, Stock

By: MT Newswires
Posted: 12/3/2013 2:10:00 PM
Referenced Stocks: GTAT

Top Tech Stocks

MSFT -0.52%

AAPL +1.73%

IBM -0.95%

CSCO -0.09%

GOOG -0.24%

Technology stocks are little changed this afternoon, with shares of technology companies in the S&P 500 slipping less than 0.1%.

In company news, GT Advanced Tech. ( GTAT ) is down nearly 7% at $9.26 a share after late Monday announcing plans for a $125-million offering of convertible senior notes as well as 12 million shares of its common stock.

The specialty chip-maker intends to offer $125 million of convertible senior notes due 2020 and 12 million shares of common stock in concurrent underwritten registered public offerings. Pricing of the notes and the stock has not yet been determined.

Net proceeds will be used for working capital and general corporate purposes, including potential acquisitions and capital expenditures.

In other sector news,

(-) MRVL, (+1.2%) Interim CFO Brad D. Feller is quitting to pursue other opportunities, effective Dec 10. MRVL is continuing its search for a permanent Chief Financial Officer.

(-) OCZ, (-20.7%) Toshiba will buy substantially all of the company's solid-state drive business out of Chapter 11 protection for $35 mln. Toshiba also will provide debtor-in-possession financing to OCZ to continue serving existing and future customers.