Top Tech Stocks
Technology stocks were rebounding in afternoon trade, with shares of technology firms in the S&P 500 posting a 1.6% advance.
In company news, Pericom Semiconductor Corp. ( PSEM ) was gaining in late Wednesday trading, staying within close range of its new, 15-year high share price earlier that followed Montage Technology Group outbidding Diodes Inc ( DIOD ) for the specialty chipmaker, offering around $430 million in cash.
The Montage Tech offer of $18.50 per share represents an 8.8% premium over Diodes' $17-per-share bid. The new suitor also said it has received signed commitment letters from the Bank of China and from China Electronics Corp. for all of financing needed for the deal. It also put $15 million in escrow to cover the break-up fee under the Diodes transaction.
PSEM shares were up almost 8% at $18.21 each, down just 2 cents from its best price since October 2000.
DIOD shares were little changed this afternoon at $21.24 apiece, up just 0.1%.
In other sector news,
(+) EZCH, Agrees to $811 mln buyout offer from Mellanox, which will pay $25.50 in cash for each EZCH share, a 16% premium to Tuesday's closing price. MLNX sees deal adding to non-GAAP per-share earnings "on Day 1."
(-) CUDA, Warns storage market growth has slowed, upstaging Q2 EPS of $0.10 beating Street view by $0.01 per share. Revenue rises 14.1% to an in-line $78.4 mln. Acquires data-protection firm Intronis; terms not disclosed.
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