Markets

Sector Update: Technology Shares Higher; Tellabs up 6% on Acquisition by Marlin Equity Partners

Top Technology Stocks:

MSFT: +0.14%

AAPL: +0.58%

IBM: +0.04%

CSCO: +0.30%

GOOG: +0.65%

Technology shares are higher in pre-bell trading, as Tellabs ( TLAB ) is up 6.4% at $2.50.

Tellabs said Marlin Equity Partners will acquire all of the communications service provider's shares for $2.45 per share, or $891 million, in cash. The price represents a 4.3% premium over the Oct. 18 closing price.

And, Crown Castle International Corp. ( CCI ), owner-operator of wireless communication infrastructures, reported Q3 EPS of $0.16, lower than the $0.19 that analysts on Capital IQ had expected. Revenues totaled $749 million, better than the consensus estimate of $$731 million. Year-ago EPS was $0.14 on revenues of $$621 million.

CCI also plans to initiate a quarterly dividend of $0.35 per share beginning in the first quarter of 2014. CCI is up 0.7% at $76.49 pre-market.

Finally, Check Point Software Technologies ( CHKP ) is up 0.8% at $58.87 after it reported Q3 earnings of $0.85 per share, ex one-time items, versus the Capital IQ consensus of $0.84. Revenues were $344.1 million, versus the analyst estimate of $343.54 million.

In the same period last year, the company reported EPS of $0.79 on revenues of $332.4 million.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

In This Story

CHKP CCI

Other Topics

Commodities

Latest Markets Videos