Technology stocks were slightly lower, with shares of Google ( GOOG ) underwater due to increased Chinese censorship before the 25th anniversary of the Tiananmen Square protests and Apple ( AAPL ) shares trading defensively ahead of its developers' conference starting Monday in San Francisco. Shares of technology companies in the S&P 500 were down about 0.2% this afternoon.
In company news, Broadcom Corp. ( BRCM ) shares rose Monday, with shares of the chipmaker rising to an 11-month high and climbing close to its 52-week high after saying it is exploring strategic options for its cellular baseband business, including a potential sale or wind-down.
The company said it hired J.P. Morgan to assist with those evaluations, also saying disposing the unit could reduce its research and development as well as its selling, general and administrative costs by around $700 million per year. About $100 million of those anticipated savings would result from expected reductions in stock-based compensation.
BRCM expects it would reinvest around $50 million of its future savings each year into its broadband, infrastructure and connectivity businesses, bolstering its plans with small cells, embedded processing and low-power connectivity.
BRCM shares were ahead about 9.7% at $34.97 each in recent trade, earlier climbing to an intra-day high of $36.04 a share - or just 16 cents off its 52-week high. The stock has declined slightly more than 2% in value over the past 12 months.
In other sector news,
(+) INUV, (+9.5%) Retains compliance with NYSE listing standards for financial stability.
(-) NEON, (-9.9%) Files to sell 5 mln shares of its common stock in an underwritten offering.
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