Updated from 2:37 p.m. EDT with new stock prices
Tech stocks were up Thursday with news of activist shareholder Carl Icahn's proxy battle against
current management dominating the sector.
were up $1.13, or 4.7%, to $24.97 after an analyst at Lehman Brothers raised his price target on the stock to $26 from $24 on the belief that demand for the company's products remain strong. Tim Luke, an analyst at Lehman, reiterated his overweight rating on the stock.
Digital video recorder maker
was up 57 cents, or 6.9%, to $8.83 after an analyst at Friedman Billings upgraded the stock to market perform from underperform. TiVo may accept a settlement in its long standing dispute with rival
, said the analyst.
Yahoo! gained 61 cents, or 2.3%, to $27.75 following activist shareholder Carl Icahn's decision to
lead a proxy battle
against Yahoo's current management for rejecting
offer for the company. Microsoft's stock was up 52 cents, or 1.7%, to $30.45. Icahn disclosed he has 59 million shares and options in Yahoo!.
Shares of IT security companies
Check Point Software
were up after Rob Owens, an analyst at Pacific Crest, raised his rating on the stocks to outperform from sector perform on the belief that IT security spending remains strong among businesses. Shares of Check Point were up 78 cents, or 3.2%, to $24.99, while Websense gained 53 cents, or 2.9%, to $18.98.
( ERTS) shed $1.26, or 2.4%, to $51.52 following a mixed outlook from the company for the current fiscal year.
EA is also in the midst of a hostile takeover battle for its smaller rival
. EA's tender offer of $25.74 a share for Take-Two is set to expire Friday midnight.