Dell, Zynga, Cypress: Tech Winners & Losers (Update)
This story has been updated with closing prices and information on Rackspace and Check Point Software.
NEW YORK (TheStreet) -Dell (DELL) climbed 2.55% to $12.27 per share after the PC maker announced a quarterly dividend of 8 cents per share, which is a yield of about 2.7 percent , after market close on Tuesday.
The dividend will begin in the third quarter of the current fiscal year, which ends on Nov. 2, 2012.
Zynga (ZNGA) popped 1.31% to $5.05 after analysts at Evercore Partners, J.P. Morgan and Lazard Capital offered a positive review of the company on Wednesday.J.P. Morgan trimmed Zynga's price target to $11 from $14. Evercore Partners upgraded the company from a sell to an equal-weight rating. Evercore's Ken Sena noted that the investment bank advisory firm continues "to have fundamental concerns with the business's long-term growth sustainability; however, on its current valuation, plus its new game releases, we view the risk-reward as more balanced." Tuesday was grim for the producer of popular games such as FarmVille and CityVille when shares hit all-time lows. Cypress Semiconductor (CY) was a market loser on Wednesday, falling 2.88% to $12.80 per share. On Tuesday, Cypress Semiconductor unveiled a proposal to acquire Ramtron (RMTR), a small rival, for $2.48 per share in cash - a 37% premium to Ramtron's closing stock price on Monday. Cypress Semiconductor's offer to acquire Ramtron was rejected last year, though, according to a Associated Press report, the offering price remains essentially the same .. Ramtron's share price dipped 0.41% to $2.41 on Tuesday. Rackspace (RAX) tumbled 4.22% to $41.33 on Wednesday. The company COO Mark Roenigk sold 9,000 shares worth $404,494 on June 8th according to a report on MMD Newswire released today. TheStreet Ratings rates Rackspace as a buy because of its "robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins." The stock has lost 10% since opening on Monday. Check Point (CHKP) dropped 3.41% to $51.81. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. >Contact by Email. Follow @nrpierrepont
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