Top Tech Stocks
Technology stocks were narrowly higher today, with shares of tech companies in the S&P 500 inching about 0.1% higher.
In company news, RPX Corp ( RPXC ) tumbled to a nearly three-year low on Wednesday after the patent clearinghouse said it was acquiring Inventus Solutions from an investor group led by Clearlake Capital Group LP, paying $232 million in cash for the legal services provider, subject to customary adjustments.
The deal for Inventus, which assists with legal discovery in intellectual property disputes, is expected to close by the end of next month and is seen adding between $50 million to $60 million to its FY16 revenue, RPX said.
Separately, RPX said it has executed agreements securing licensing rights in more than 20 companies to a patent portfolio owned by Round Rock Research LLC in a transaction valued at more than $100 million and slated to close by Dec. 31. Round Rock launched six years ago and acquired several thousand patents largely related to semiconductor manufacturing and circuit technology from Micron Technology Inc ( MU ).
Following the announcements, analysts at Robert W. Baird today cut their investment rating for RPX to Neutral from Outperform, also trimming their price for the company's stock by $4 to $14 a share.
RPXC shares were down more than 14% at $13.59 apiece, earlier dropping to their lowest price since February 2013 at $11.43 a share.
In other sector news,
(+) SCTY, (+26.8%) Price target raised by $10 to $65 a share at ROTH Capital, which reiterated its Buy recommendation for the company's stock.
(-) NLST, (-2.6%) Patent Trial and Appeal Board completes Inter Partes review of two NLST patents, confirming validity of 20 patents claims tied to NLST self-test technologies in a dispute with SanDisk ( SNDK ).
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