Yahoo!, RIM story updated with closing stock prices and more information on Logitech.
NEW YORK (
(YHOO - Get Report)
was up in late day trading Tuesday on merger speculation, while
Research In Motion
fell after an analyst downgrade.
Yahoo! rose 3.22% to close at $16.97 Tuesday afternoon after reports circulated that the Sunnyvale, Calif.-based search giant could be the target of a takeover attempt by private equity group
. Chinese Internet company
is also rumored to be eying Yahoo!
had also pegged
as a potential Yahoo! bidder.
(PCLN - Get Report)
, meanwhile, closed up more than 8% to $420.65 after releasing strong third-quarter earnings and better-than-expected fourth quarter guidance Monday.
Revenue jumped 37% to $1 billion from $730.7 million during the year-ago period. Adjusted profit rose to $5.33 a share, compared to $3.45 a share a year ago.
Computer peripherals maker
(LOGI - Get Report)
jumped more than 12% and closed at $21.89. The company, whose set-top box, Revue, is featured in
TV effort, filed its 10-Q after market close Monday. The company also held an analyst and investor day Tuesday, where it raised its long-term gross margin outlook from 32% - 34% to a range of 35% - 37%.
Level 3 Communciations
surged more than 18.6% and closed at $1.05
after the company announced it had secured a deal with Netflix (
). Trading of the web hosting firm was temporarily halted due to a circuit breaker trip as investors reacted to the report.
On the flip side of the flat line, shares of BlackBerry maker RIM fell more than 2.65% and closed at $55 after Kaufman Bros. downgraded the stock from buy to hold Tuesday. Also adding to the price drop was the fact that
cut the price of its BlackBerry Torch smartphone in half from $199.999 to $99.99.
--Written by Olivia Oran in New York.
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