Tech Winners & Losers: Broadcom
09/24/08 - 03:52 PM EDT
Pia Sarkar
Tech stocks were trading slightly higher on Wednesday, with the Nasdaq adding 18 points to 2172.
Broadcom(BRCM Quote - Cramer on BRCM - Stock Picks) shares climbed 5.9% to $19.48 after the U.S. Court of Appeals upheld a jury verdict that Qualcomm(QCOM Quote - Cramer on QCOM - Stock Picks) had infringed on two of the company's patents. The appeals court also rejected Qualcomm's request for a new trial. Shares of Arrow Electronics(ARW Quote - Cramer on ARW - Stock Picks) slipped 3.3% to $27.82 after Credit Suisse downgraded it to neutral from outperform. The firm sees negative trends in technology and believes Arrow's valuation is no longer compelling. It cut the price target on the stock to $31 from $43. Shares of F5 Networks(FFIV Quote - Cramer on FFIV - Stock Picks) fell 7.1% to $22.41 after Merrill Lynch downgraded the stock to underperform from neutral and lowered its price target to $25 from $35. The firm cited recent events in the financial sector as a reason to take a cautious view. Merrill Lynch also downgraded Juniper Networks(JNPR Quote - Cramer on JNPR - Stock Picks) to underperform from neutral and cut its price target to $24 from $27. The firm expects Juniper to eventually face the same slowdown plaguing other networking vendors. Shares of Juniper were down 3.8% to $23.31 in recent trading. iPCS(IPCS Quote - Cramer on IPCS - Stock Picks) also benefitted from a court's decision refusing to hear a challenge by Sprint Nextel's(S Quote - Cramer on S - Stock Picks) to a ruling from the Appellate Court of Illinois, which held that Sprint should cease owning, operating, and managing the Nextel wireless network in iPCS's territory. iPCS's stock jumped 12.2% to $22.70 in recent trading. Citrix(CTXS Quote - Cramer on CTXS - Stock Picks) shares were up on rumors that the company could be a target for an acquisition. Rumors had been swirling earlier this month that Microsoft(MSFT Quote - Cramer on MSFT - Stock Picks) may be interested in purchasing it.
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