Top Tech Stocks
Technology stocks firmed Monday, with shares of tech companies in the S&P 500 adding more than 0.6% in value today while the Philadelphia semiconductor index was posting a more than 1.3% gain.
Among technology stocks moving on news:
+ Broadcom ( AVGO ) climbed over 4% on Monday, reaching a session high of $263.92 a share, following reports tech industry giant Intel Corp ( INTC ) was mulling several alternatives involving the semiconductor connectivity company, including a potential takeover should Broadcom complete its proposed buyout of specialty chipmaker Qualcomm ( QCOM ). The Wall Stree Journal, citing people familiar with the matter, said Intel has been closely monitoring Broadcom's progress wooing Qualcomm. Broadcom earlier Monday also said it expects to complete redomiciling the company into the United States by April 3, which is one of the conditions it needs to meet in order to acquire Qualcomm. Intel believes a Broadcom-Qualcomm tie-up would create a significants competitive threat, the sources told the newspaper, later writing if it appears Broadcom is likely to prevail, Intel possibly would step in with its own offer for Broadcom.
In other sector news:
+ Oclaro ( OCLR ) jumped almost 28% higher on Monday, topping out at $10.01 a share, after the optical components agreed to a $1.8 billion buyout offer from Lumentum Holdings ( LITE ). The deal values the target company at $9.99 per share, or about 27% above Oclaro's March 9 closing price, with Oclaro shareholders receiving $5.60 in cash and 0.0636 of a Lumentum share for each share they now own. Lumentum said the deal should add to its adjusted per-share earnings immediately after closing and should generate more than $60 million of annual run-rate synergies within 12 to 24 months of closing, expected during the second half of 2017, subject to Oclaro shareholder and antitrust regulatory approvals in both the United States and China along with other customary closing conditions.
+ Nutanix (NTNX) was higher Monday after Monday saying it has signed a definite agreement to acquire Netsil, a San Francisco-based provider of application discovery and operations management technologies. FInancial terms of the acquisition weren't disclosed although Nutanix said the deal would add application discovery and operations management to its Enterprise Cloud operating system.
+ CyberArk Software (CYBR) was edging higher Monday after saying it purchased certain assets from cloud security provider Vaultive. CyberArk said the technology acquired from Vaultive would help it deliver greater visibility and control to privileged business users along with software-as-a-Service, Infrastructure-as-a-Service and Platform-as-a-Service administrators.