Tech stocks were tumbling with the rest of the market indices, with the
shedding 2%, as concern over the financial-services sector continued to weigh heavily on investors.
were down 4.3% to $26.25 after it agreed to buy the digital TV segment of
Advanced Micro Devices
for $192.8 million in cash. AMD, meanwhile, benefited from the news, with its stock climbing 2.9% to $5.98.
shares slipped 2.5% to $30.39 after UBS raised its price target to $34 from $33 but lowered its earnings-per-share outlook for 2009 to $1.89 from $1.93. The stock got a boost on Friday after posting fourth-quarter results in line with Wall Street estimates.
were up 3% to $12.07, receiving a lift from Jefferies, which upgraded the stock and raised its price target to $15 from $12. The firm cited improvements to China Sunergy's silicon supply outlook as well as its liquidity.
, saw its shares fall 3.6% to $40.06 after announcing on Monday that it will buy U.K.-based Axon Group for 407.1 milion pounds, or $753.1 million in cash. The deal is expected to close in November.
Axon is expected to add an estimated 2,000 employees to Infosys's SAP consulting practice.