Top Tech Stocks
Technology stocks were starting to move past their earlier slim gains this afternoon, with shares of tech companies in the S&P 500 edging about 0.3% higher.
In company news, NetApp ( NTAP ) shares declined Tuesday after analysts at RBC Capital Markets today cut their investment call for the data storage and software company's stock to Sector Perform and lowered their price target by $10 to $28 a share
The downgrade from Outperform follows NetApp last night announcing an $870 million acquisition of privately held SolidFire, which makes all-flash storage systems built for next-generation data centers. The deal is expected to close by the end of NetApp's fiscal Q4 in late April.
The company said SolidFire's product line eventually will be incorporated across its data management applications, including flash, disk and cloud resources. SolidFire Chief Executive Dave Wright will remain with the company to manage the product line within NetApp's operations.
NTAP shares were down nearly 5% this afternoon at $26.32 each, recovering somewhat from a prior slide to $25.21 a share.
In other sector news,
(+) DGLY, (+11.7%) Receives orders for FirstVu HD body-worn camera, DVM-800 in-car digital audio/video system, VuVault server software and VuLink automatic activation system from law enforcement agencies in Kansas City, Santa Fe, N.M., and Brevard County, Fla.
(-) ACTG, (-9.5%) CEO Matthew Vella quits, effective Monday. Names Marvin Key, chief executive of its Acacia Research Group LLC subsidiary to be interim CEO.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.