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Tech Stocks Moderately Higher; Symantec Said To Be Possible Buyout Target

By: MT Newswires
Posted: 4/15/2014 3:50:00 PM
Referenced Stocks: SYMC;MU;MSI

Top Tech Stocks

MSFT +1.95%

AAPL -0.66%

IBM -0.25%

CSCO +0.24%

GOOG +0.08%

Technology stocks were moderately higher late Tuesday with shares of technology companies in the S&P 500 climbing 0.4% this afternoon.

In company news, Symantec ( SYMC ) shares were narrowly higher amid market speculation the security software company is being eyed by activist investors for a potential breakup.

Other changes could include bringing in private equity firms for buyout possibilities, Reuters was reporting, with the increased outsider interest apparently sparked by the abrupt departure last month of CEO Steve Bennett.

Reuters said ValueAct Capital is among the activist investors taking a look at the company, and that PE firms including Bain Capital, Blackstone Group and Carlyle Group were contemplating leveraged buyout possibilities for all or parts of the company.

In late afternoon trade, SYMC was up 0.2% to $20.65 a share, rising as high as $20.87 during today's session.

In other sector news,

(-) WAVX, Jumps more than two-thirds in value after expanding partnership with Micron Technology ( MU ) to develop new protections against current and future threats to computer and embedded platforms. MU shares also rose.

(+) ZBRA, Buys enterprise business from Motorola Solutions ( MSI ) for $3.45 bln in cash; expects deal to be immediately add to cash earnings. Q1 EPS guidance beats consensus by at least $0.05 per share. Revenue outlook also exceeds estimates.