The S&P 500 was trading higher as European leaders reached a coronavirus relief package, but a rally in big U.S. tech stocks paused. Here are some of the top mid-day stock movers in tech for Tuesday, July 21.
Shares of eBay (EBAY) - Get Report were down 3.56% to $56.39 after the e-commerce giant agreed to sell its classifieds unit to Norway-based Adevinta for $9.2 billion in cash and stock. The deal makes eBay a 44% owner of Adevinta, with a 33.3% voting stake. The deal caps off a months-long auction process at the urging of activist shareholders, including Starboard and Elliott Management, which had been pushing eBay to streamline its portfolio.
Shares of Western Digital (WDC) - Get Report were up 3.05% to $44.91. In a recent note, Bernstein analyst Mark Newman initiated coverage of Western Digital with a $60 price target and Outperform rating, writing that its diversification into NAND flash memory will help it to capture more growth in data storage versus competitors.
Nutanix (NTNX) - Get Report, a cloud firm that specializes in hyper-converged infrastructure, jumped 4.1% to $22.77 on continued speculation that it could be acquired by a larger company. The Information published a report last week that Alphabet (GOOGL) - Get Report, Hewlett Packard Enterprise (HPE) - Get Report and Cisco (CSCO) - Get Report could be among the suitors. Nutanix CEO Dheeraj Pandey told TheStreet in late May that the company had seen a slowdown in new customers, and that it will emerge from COVID-19 "a new company."
IT services firm DXC Technology (DXC) - Get Report was up 2.84% to $17.38 after the company announced plans to sell its healthcare software business for $525 million in cash. The buyer is Dedalus, a European healthcare and diagnostic software company.
Shares of Analog Devices (ADI) - Get Report slipped 2.4% to $114.28 amid overall losses in the tech-heavy Nasdaq index, which was off 56 points as of mid-day. Last week, Analog Devices confirmed its acquisition of rival semiconductor maker Maxim Integrated Products (MXIM) - Get Report for about $21 billion in stock. The merger will create a company with an enterprise value of about $68 billion.