Technology stocks were slipping with the wider market Monday.
Level 3 Communications
, which provides wholesale telecommunications services, saw shares dipping 9.8% after saying it will
replace CFO Sunit Patel. A new CFO should be in place by the first quarter, the company said. Shares were losing 48 cents to $4.42.
, which operates the Discovery Channel, TLC and other networks, and
( HSWI), were both falling after Discovery's acquisition of
. Terms of the deal were not disclosed
HSW, an online publisher which has the local language and brand rights to HowStuffWorks in China and Brazil, was falling $2.08, or 21.3%, to $7.70. Discovery shares were shedding $1.17, or 4.1%, to $27.60.
( BEAS) also was edging lower, after several analysts downgraded the stock following the software maker's
rejection on Friday of an unsolicited bid from rival
Bear Stearns downgraded BEA to peer perform from outperform, and Citigroup lowered its rating to hold from buy. Sun Trust Robinson Humphrey lowered its rating to neutral from buy, according to
. RBC Capital Markets maintained its sector perform rating, but upped its price target to $22 from $12. After gains of more than 38% Friday, BEA shares on Monday were shedding 48 cents, or 2.6%, to $18.34. Oracle shares were down 45 cents, or 2%, to $21.99.
Discovery, HSW, BEA, Oracle and Level 3 are components of the Nasdaq 100 index, which was dropping 22.62 points to 2155.37.
On the positive side,
( TEK), was sharply on the rise after the communications and electronics equipment testing company agreed to be bought by
for $2.8 billion in cash. The offer constitutes $38 per share, a 34% premium to Tektronix's closing price Friday. The deal is expected to close in the fourth quarter. Tektronix shares were rallying $9.37, or 33.1%, to $37.71.
was jumping 8.8%, after the Internet search provider agreed to sell its mobile services business unit to
for $135 million in cash. The deal is expected to close within 90 days. InfoSpace shares were gaining $1.60 to $19.73.