8 sectors posted session gains, as the XLU +0.89%, XLY +0.48%, IYZ +0.35%, XLV +0.26%, XLP +0.26%, XLK +0.12%, XLF +0.09%, XLI +0.02% finished above flat lines. Laggards on the session were XLB -0.86%, XLE -1.29%.
Strength in the Technology (XLK 41.53, +0.05 +0.12%) sector today started with the news that EMC (EMC 28.35, +0.49 +1.76%) confirmed last weeks rumored deal which it would be acquired by Dell for $67 billion in a cash and stock buyout which values the company at $33.15 per share. Under the terms of the deal, EMC shareholders will receive $24.05 per share in cash in addition to tracking stock linked to a portion of EMC's economic interest in the VMware (VMW 72.27, -6.38 -8.11%) business.
Also today, Social Media (SOCL 18.50, -0.17 -0.91%) name Twitter (TWTR 28.75, -2.10 -6.81%) was the subject of a Re/code article which suggested the company is planning layoffs for next week. The article suggested all employment areas could be impacted, but that engineers could be the main focus of the trim.
In the S&P 500 Information Technology sector (698.31, +1.45 +0.21%), trading began in the red, but quickly turned green about an hour into trading. The sector finished the day near session highs, with EA +4.72%, PYPL +1.77%, QRVO +1.69%, HRS +1.68%, TSS +1.60%, V +1.37% outperforming. Notable laggards on the session included: TDC -3.05%, GLW -1.48%, WDC -1.15%, CTSH -1.12%, AKAM -0.87%, XRX -0.85%.
Other notable news items among sector components:
VMware (VMW) preannounced Q3 results for EPS of $1.02 on revenues of +10% to $1.67 billion, both of which are above expectations.
EMC (EMC) Elliott Management issued a statement following buyout news. The firm noted they, 'strongly support the deal.'
PTC (PTC 34.90, +0.23 +0.66%) to acquire the Vuforia business from Qualcomm (QCOM 57.79, +0.01 +0.02%) for $65 million. The company does not expect the deal to impact FY16 non-GAAP EPS.
Symphony Communication Services announced it has raised more than $100 mln in new capital to accelerate global customer adoption. New investors Google (GOOG 646.67, +3.06 +0.48%), Lakestar, Natixis, Societe Generale and UBS (UBS 19.75, -0.04 -0.20%), along with a group of existing investors (including venture firm Merus Capital) participated in the round. Symphony previously raised a total of $66 million from a consortium of 15 financial institutions.
Elsewhere in the technology space:
Marvell (MRVL 9.25, -0.16 -1.70%) and interim CFO Sukhi Nagesh agreed on succession plan, effective immediately MRVL will commence search for a permanent CFO.
xG Technology (XGTI 0.59, +0.03 +6.56%) announced it will convert $500,00 of existing loans due from the company to the company's CEO into shares of the company's common stock.
Gilat Satellite (GILT 3.82, +0.18 +4.95%) announced CFO Yuval Ronen has decided to leave the company, and that he will be replaced by Adi Sfadia. The company also announced HTS, IFC, rural internet broadband and Chinese market structural changes.
Finjan (FNJN 1.63, -0.03 -1.81%) provided an update on patent litigations vs. Palo Alto Networks (PANW 167.81, -4.07 -2.37%) and Symantec (SYMC 20.88, -0.12 -0.57%). The judge, 'stayed the case pending a decision by the US Patent and Trademark Office on whether to institute Inter Partes Review of Finjan's patent claims in five of eight patents asserted against Symantec. Depending on the PTAB's decision on whether or not to institute those IPRs, Judge Gilliam will determine whether to extend the stay.'
Tableau Software (DATA 84.46, +1.46 +1.75%) and Deliotte Consulting LLP signed an alliance. Financial terms of the alliance were not disclosed.
Analyst actions:
HRS was upgraded to Overweight from Neutral at JP Morgan, NTAP was upgraded to Outperform from Neutral at Robert W. Baird; VMW was downgraded to Neutral from Buy at Mizuho, TECD was downgraded to Underperform from Mkt Perform at Raymond James, MRVL was downgraded to Neutral from Buy at Nomura, EMC was downgraded to Hold from Buy at Jefferies, RKUS was downgraded to Neutral from Overweight at Piper Jaffray
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