Updated from 1:45 p.m. EST with new stock prices
Tech stocks were down Monday on broader market concerns about the strength of the financial services industry, following a
analyst's sell recommendation for
and continued worries about consumer spending.
rose more than 19% on news that it is in the final stages of negotiating a $29.5 billion buyout deal with telecom giant
EchoStar's Dish Network could help AT&T expand outside its largely Southwestern markets and give it the video expertise and programming agreements to operate on a national level, say analysts. The final price for the satellite-TV operator, still under negotiation, is likely to be range from $64 to $68 a share, according to
a story in
. EchoStar was up $7.66, or 19.2%, to $47.49. Meanwhile AT&T was down $1.80, or 4.6%, to $37.75.
Vasco Data Security
jumped 4.1% after a Friedman, Billings, Ramsey group analyst upgraded the stock from market perform to outperform. Analyst Daniel Ives said the recent sell-off in Vasco's stock is overdone and represents a buying opportunity.
Vasco's business remains strong in Europe, where the company gets most of its revenue. Also, the recent turmoil in the company's financial services segment, where there is a significant customer base, should not affect it extensively, Ives said in a research report. Vasco shares have fallen 40.5% in one month. The stock was up 87 cents to $22.14.
gained 0.9% after a JPMorgan analyst upgraded the stock from neutral to overweight on the basis of strength in the chip business and the sustainability of the CDMA2000 market, both of which should re-accelerate earnings in fiscal year 2009. Qualcomm was up 39 cents to $41.75.
soared nearly 12% after the company signed a multimillion-dollar, long-term contract with a solar company to supply commercial solar cells. Micrel did not disclose details of the contract, including the identity of the partner, but it did say it will fabricate the concentrated solar cells at its San Jose, Calif., site. Micrel was up 98 cents to $9.20.
( MOT) fell 56 cents, or 3.4%, to $16.04. The company lost a patent dispute with contract semiconductor manufacturing company,
over a license agreement with Citizen Watch. Motorola contested a agreement that Amkor signed with Citizen but a Delaware Superior Court found Citizen's deal with Amkor effective. Amkor said it does not know whether Motorola will appeal.
Chinese gaming company
continued to fall after it disappointed investors with its third-quarter earnings Friday. The stock was also downgraded by Citigroup to a hold from a buy. Shares of The9 were off $1.36, or 6.3%, to $20.17.