Tech Stocks Still Adding to Session Rise; Dynamics Research, Engility Holdings Gain on Merger Deal
Top Tech Stocks
Technology stocks were adding to their earlier gains and ending broadly higher with shares of technology companies in the S&P 500 rising over 1.4%.
In company news, Dynamics Research ( DRCO ) rose sharply today after inking a $120 million agreement with Engility Holdings ( EGL ), which will pay $11.50 per share in cash for the technology consulting and government contracting firm.
EGL shares also are holding on to small gains in late trade after the government contractor said the deal will add to its FY14 earnings while "significantly" boosting its per-share earnings in FY15.
The acquisition is expected to close before March 31, 2014, subject to customary closing conditions and regulatory approval.
DRCO shares recently traded slightly more than 58% higher at $11.46 each, earlier topping out at $11.49 a share.
In other sector news,
(+) AAPL, Confirms multi-year agreement with China Mobile ( CHL ) to sell iPhones in China, beginning Jan 17. CHL has also been trading higher today.
(-) MU, Bank of America Merrill Lynch downgrades the chip-maker to Underperform from Neutral.