NetLogic Spells Deal Logic, Tech Rally
NEW YORK, (TheStreet) -- Tech stocks took the Nasdaq on a ride Monday, as Broadcom's (BRCM) $3.7 billion deal for NetLogic (NETL) helped boost M&A prospects for the chip sector.
The deal sent NetLogic up 50%, making it the tech market's biggest winner of the day.
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But global financial meltdown fears consumed much of the broader market as French banks and Italian debt became the latest focus for the Chicken Little crowd.
Even with those worries, the Nasdaq finished up 27 points, or 1%, at 2,495.09 Monday. Winners, in addition to NetLogic included tech giants Apple (AAPL), Qualcomm (QCOM), VMware (VMW) and Google (GOOG), all up 2% with Google gaining 5% as investors shopped the big names for bargains. Losers on the day were the network equipment makers Nokia (NOK) Siemens (SI), Alcatel Lucent (ALU), Ericsson (ERIC) - down 2%, 3% and 4% respectively. The big communications equipment shops depend on healthy tech spending in Europe, which is not exactly a stable region at the moment. --Written by Scott Moritz in New York.To contact this writer, click here: Scott Moritz, or email: scott.moritz@thestreet.com. Follow Scott on Twitter at MoritzDispatch
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