Monday's Tech Winners & Losers

O.I. moved up with the rest of the tech sector Monday, after announcing a share buyback.
Author:
Publish date:

Updated from 12:20 p.m. EDT

Tech stocks moved higher Monday as broker moves lifted several stocks.

O.I.

(OICO)

rose 10% after the technology products company said that it would buy up to 300,000 shares in a Dutch auction. The company plans to buy shares at prices ranging from $13 to $14.75 a share. Assuming that O.I. paid $14.75 a share, the company would need about $4.43 million to purchase all of the shares. Shares were up $1.25 to $13.75.

Elsewhere,

Western Digital

(WDC) - Get Report

rose 2.2% after UBS upgraded the stock to buy from neutral. The firm said that Western Digital, which makes hard drives, should benefit from a seasonal increase in personal computers during the second half of the year. UBS also boosted its target price on the stock to $24 from $20 and lifted its earnings estimate for fiscal 2008 to $2.03 a share from $2 a share. Shares closed up 43 cents to $19.95.

Meanwhile,

Ingram Micro

(IM)

rose 2.8% after Citigroup upgraded shares to buy from neutral. Citigroup said that end-market growth is accelerating, which should help drive return on invested capital at Ingram Micro. Citigroup has a $26 price target on the stock. Shares closed up 60 cents to $22.

Limelight Networks

(LLNW) - Get Report

cooled off on Monday, a day after the company surged nearly 50%. The company went public on Friday, pricing some 16 million shares of stock at $15 a share. Limelight raised about $170 million in net proceeds. Shares closed down $1.93, or 8.7%, to $20.25.

Finally,

Qwest Communications

(Q)

fell 8% after the communications company said that its chief executive would retire after the company names a successor. Richard Notebaert will leave both his chairman position and CEO position. Shares closed down 81 cents to $9.36.

As for the broader technology sector, the Nasdaq 100 was down about 4 points to 1901.96.