Top Tech Stocks
Technology stocks were sharply higher in recent trading, with shares of tech stocks in the S&P 500 adding almost 1.3% in value Thursday while the Philadelphia Semiconductor Index was pushing out to a more than 2.3% advance.
Among technology stocks moving on news:
(+) Qualcomm ( QCOM ) climbed to its highest share price since December 1999, rising over 4% and topping out at $74.88 a share after the specialty chip-maker said it has entered into accelerated share repurchase agreements with Bank of America, Citibank and Morgan Stanley & Co. to repurchase a combined $16 billion of its common stock, beginning with the repurchase of 178 million shares. The stock also was finding support Thursday after analysts at Barclays began coverage of the company with an Overweight stock rating and a $95 price target.
In other sector news:
(+) Cheetah Mobile ( CMCM ) rose as much as 8% on Thursday after the mobile internet company authorized a new stock buyback program for up to $100 million of its American depositary shares over the next 12 months.
(+) Adobe Systems ( ADBE ) was fractionally higher Thursday afternoon, recovering from a more than 1% mid-morning decline following reports it was in talks to acquire cloud-based marketing software firm Marketo. The target company specializes in business-to-business marketing applications and a deal would allow Adobe to increase its cloud-based software offerings as it competes with larger rivals Microsoft ( MSFT ) and Oracle ( ORCL ).