Top Tech Stocks
Tech stocks were advancing in Tuesday pre-market trading following a positive finish for the sector Monday afternoon.
Among technology stocks likely moving on news:
+ Acxiom ( ACXM ) said it was selling its Acxiom Marketing Solutions business to the Interpublic Group ( IPG ) for $2.3 billion in cash. Acxiom said it expects around $1.7 billion in net proceeds after taxes and fees once the transaction closes, likely before the end of the year. It plans to use a portion of those funds to retire its outstanding $230 million in debt in addition to launching a cash tender offer for up to $500 million of its common stock and extending the program through the end of 2020. It also wil transfer the Acxiom brand name and associated trademarks to IPG and rename the remaining assets as LiveRamp and its common stock trading under the RAMP ticker symbol.
In other sector news:
- A10 Networks ( ATEN ) late Monday said its financial statements dating back to September 2016 can no longer be relied upon and should be restated. The company said the errors were uncovered during an internal probe, adding they should not have any impact on the total amount of revenue it recognized although it expects to shift the timing of when some of that revenue was recognized. Revenue for the 12 months ended Dec. 31, 2016, was overstated by around $3 million, it said, including about $1 million in overstated revenue during the three months ended Sept. 30, 2016, while its FY17 net loss was understated by about a net $2 million error and included a $1 million Q1 understatement and a $3 million Q3 overstatement.
-Trimble ( TRMB ) Monday night said it has completed its purchase of Viewpoint from Bain Capital, paying $1.2 billion in cash for the job-site and field software firm. The companies announced the acquisition of Viewpoint in April and Trimble funded the deal with a combination of senior notes, a term loan and other existing credit facilities along with cash on hand. Following closing, Viewpoint becomes part of Trimble's Buildings and Infrastructure segment.
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