Markets

Sector Update: Technology

Technology stocks are moderately higher with shares of technology companies in the S&P 500 climbing about 0.3%.

In company news, Dell ( DELL ) is up 5.5% at $13.67 a share in late trade with activist investor Carl Ichan today accusing a special board committee of "improperly putting its thumb on the scales in favor of Mr. Dell's offer" after CEO Michael Dell today increased his buyout offer to $13.75 a share and paying a special $0.13 per share dividend.

The sweetened deal increased Dell's and private-equity partner Silver Lake Partner's overall offer to $24.75 billion, up about $350 million over their previous bid.

In exchange, the special Dell board committee negotiating the deal agreed to adjust its rules and setting aside absent or missing shares from the vote count instead of counting them as "No" votes.

But Icahn late yesterday filed suit in Delaware Court of Chancery seeking to bar any change in the vote. In a statement this afternoon, he again asserted he will "vigorously pursue" his case. A hearing is scheduled for Monday, sources familiar with the suit told the Wall Street Journal.

In other sector news,

(+) ALSK, Q2 GAAP net income of $0.81 per share, reversing a $0.02 per share net loss last year. Revenue climbs 8.6% to $97.7 million, topping the Street view by $6.14 million. High end of expected FY13 revenue roughly in-line with analyst estimates looking for $50.94 million.

(-) VCLK, Revenue falls 0.7% from a year ago to $159.8 million, trailing the consensus by $6.43 million. Forecasts Q3 EPS of $0.39 to $0.40, coming up $0.02 shy of expectations. Projected Q3 revenue lag analyst estimates by $12 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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