Technology

Technology Sector Update for 07/28/2016: MSFT, AAPL, IBM, CSCO, GOOGL, ORCL, N

Top Technology Stocks:

MSFT: +0.1%

AAPL: +0.8%

IBM: -0.3%

CSCO: -0.9%

GOOGL: -0.1%

Technology shares were mostly in negative territory at session's half Thursday.

In technology stocks news, Oracle ( ORCL ) said Thursday it acquire Netsuite ( N ), the world's first cloud company, in a deal valued at $9.3 billion. The company said it will pay $109 per share in cash for Netsuite. The acquisition will be "immediately accretive" to earnings in the full fiscal year after closing, Oracle said. Oracle said the transaction was facilitated by a special committee composed of independent directors, which approved the transactions on behalf of the board. The transaction is expected to close in 2016. ORCL shares were up 0.2%.

Netsuite Inc ( N ) also reported Q2 adjusted net income of $0.08 per share, up from $0.02 per share in the prior year period and higher than the $0.03 per share Street estimate. Total revenues were $230.8 million, up from $177.3 million reported for the same period last year and came in line with the Street estimate. N shares were up 18.1%.

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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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