Tech stocks were on the rebound Friday after the previous session's steep slide. News of a big buyout offer in the software space helped to boost the sector.
The tech-heavy Nasdaq 100 index recently was up 29 points, or 1.4%, to 2170, led by software maker
( BEAS). Shares of BEA were surging $4.57, or 33%, to $18.19 after business-software giant
offered to buy the company for $17 a share, or nearly $7 billion.
The news also sent shares of BEA competitor
climbing 12% as investors bet on more consolidation in the space. Shares were up 90 cents to $8.65.
recovered a small amount of ground following a slide on Thursday that contributed to a broader-market selloff. The drop came after a JPMorgan analyst suggested that the red-hot Chinese Internet concern may post third-quarter earnings merely in line with Wall Street estimates.
American Depositary shares of Baidu fell 10% Thursday, but recently were up $4.15, or 1.3%, to $312.93.
Other Chinese tech stocks hit by Baidu's swoon also were rebounding
. China Digital TV Holding
was jumping $5.60, or 13%, to $47.87, and
was adding $6.20, or 7.6%, to $87.89.
( ERTS) was up nearly 5% after the video game maker said it will buy two development studios.
EA will pay up to $620 million cash for VG Holding, owner of the Bioware and Pandemic studios. It also will issue up to $155 million in equity to certain VG Holding employees. Shares of EA were up $2.79 to $61.48.
Big tech names
were also helping to take the sector higher.
Apple was up 2.4% to $166.13 after Morgan Stanley lifted its price target on the stock to $180 from $150. Google added 1%, to $628.29 after Oppenheimer boosted its price target on the search engine giant to $700 from $625.
One of the few tech losers was
, a maker of wireless-communications products. Shares tumbled 10 % after the company reported that it swung to a second-quarter loss and projected it will also be in the red for the third quarter. The company also predicted lower year-over-year revenue. Shares were down 45 cents to $3.91.