Technology Sector Update for 02/14/2017: GIG,IDTI,COYN,UNXL
Top Tech Stocks
Technology stocks have turned slightly higher in recent trading, with shares of tech companies in the S&P 500 recently climbing nearly 0.2%.
In company news, GigPeak ( GIG ) jumped out to a 13-month high on Tuesday after the analog, digital and mixed signal chipmaker today agreed to a $250 million buyout offer from Integrated Device Technology ( IDTI ), which will pay $3.08 for each GigPeak share, a 13.6% premium over Monday's closing price.
Integrated Device said the transaction provides it with a "highly regarded optical interconnect product and technology business." It expects GigPeak will boost the company's revenue by around $16 million per quarter and immediately increase its per-share earnings during the first quarter after closing, expected during the April-to-June quarter.
GIG shares were up almost 13% at $3.05 apiece, or just a penny under their best price of today's session and reaching their highest level since Jan. 29, 2016. IDTI shares also were higher today, climbing about 0.8% to $24.92 each after earlier touching $25.01 a share.
In other sector news,
(+) COYN, (+37.3%) Affirms "positive" FY17 outlook, building on record FY16 sales bookings and strong bookings so far this year and the company's sales strategy of collaborating with law enforcement and school subject matter experts.
(-) UNXL, (-32.9%) Begins public offering of a yet-to-be-determined number of common shares and warrants to purchase additional shares. Net proceeds will fund general corporate activities, capital costs and for working capital.
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