Top Tech Stocks
Technology stocks were narrowly lower today with shares of technology companies in the S&P 500 slipping about 0.1% in afternoon trade.
In company news, Limelight Networks ( LLNW ) advanced to some of its best share gains in over two years Monday after the digital content delivery company said it received a $644.7 million buyout offer from a private equity firm the company dismisses as a "questionable source."
LLNW shares were up about 5.1% in recent trade at $2.97 each, easing from an early spike to $3.25 a share soon after today's opening bell, topping $3 for only the second time since March 2012.
The company late Sunday said it received an unsolicited $6.55 per share offer from Tuition Build Inc., confirming earlier media reports of the going-private proposal. LLNW said it contacted Tuition Build, concluding after those discussions the would-be suitor "does not have the experience, credentials, financial resources, or capability to complete the proposed transaction."
Accordingly, LLNW said investors should disregard the offer, which was based on the company achieving certain, unspecified financial conditions. Goldman Sachs ( GS ) currently owns slightly less than one third of LLNW's stock with around 30.7 million shares, has rebuffed several prior offers to acquire LLNW.
In other sector news,
(+) FIO, (+22.7%) Agrees to $1.1 billion buyout proposal from SanDisk ( SNDK ), which is offering $11.25 a share for data-storage firm.
(-) YHOO, (-4.6%) Alibaba reports its quarterly operating margin fell to $45.3% from 51.3% during the year-ago quarter. YHOO will sell about 40% of its Alibaba stake during the Chinese e-commerce company's upcoming initial public offering of stock.
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