Updated from 12:31 p.m. EDT
Technology stocks gained Monday, despite being tempered by a big buyout in the digital navigation space.
Shares of digital mapmaker
fell 2%, after digital phone maker
(NOK - Get Report)
it would acquire
the company for $8.1 billion in cash. The deal values Navteq at $78 a share, a slight premium to its Friday closing price of $77.97.
The deal comes as phone makers and wireless carriers increasingly are looking to navigation devices as add-ons to their services. Nokia gained 3 cents to $37.96, while Navteq was shedding $1.52 to $76.45. Navteq's biggest customer, digital device maker
(GRMN - Get Report)
, was plummeting $12.17, or 10.2%, to $107.23.
Garmin is a component of the Nasdaq 100, which was up 25.86 points to 2116.97.
A pair of Chinese companies boosted the tech sector on licensing deals and new contracts.
China Techfaith Wireless Communications
(CNTF - Get Report)
spiked 21.7%, after chipmaker
licensed 3G modem cards to the Chinese mobile handset maker. China Techfaith shares were rising $1.45 to $8.14.
, an IT consultant to the Chinese banking industry, jumped 15.7% after it said it had won three contracts worth $8.9 million. Shares were advancing $1.51 to $11.11.
(TDC - Get Report)
shares were up 7.3%, after the data warehousing firm completed its spinoff from IT consultant
(NCR - Get Report)
. As part of the spinoff, NCR distributed one share of Teradata stock for each NCR share owned by shareholders as of Sept. 14. NCR was losing $25.87 to $23.93, while Teradata was gaining $1.90 to $27.98.
were down over 17.4% after the company lowered its third-quarter revenue forecast. The company now expects revenue of $20.5 million, compared with its previous projection of $25 million. Analysts anticipated revenue of $25.1 million, according to Thomson Financial. Radvision, which makes products for videoconferencing, video telephony and the development of voice-over-Internet protocol systems, said the decline is due to lower-than-expected sales both to the federal market and through its channels. Shares were falling $3.06 to $14.50.
(ACXM - Get Report)
shares plummeted 19.7%, after it reached an agreement with two private equity firms to end a previously announced $2.25 billion buyout. Silver Lake and ValueAct Partners will pay $65 million in cash to the data management company as a break-up fee. Acxiom shares were falling $3.90 to $15.89.