Tech stocks edged higher Tuesday, buoyed by M&A news and word of a possible spinoff at
Shares of the provider of Dish Network satellite TV service was jumping 6%, after it said it had sought guidance from the Internal Revenue Service about the tax implications of spinning off its set-top box design and manufacturing, international operations and third-party satellite services.
On Monday, after the market's close, EchoStar also said it would acquire Sling Media, maker of the Slingbox device that allows users to control their TVs through their computer, for $380 million in cash and EchoStar options. The deal is expected to close in the fourth quarter. Shares were climbing $2.49 to $43.81.
was rising 4.7%, after Standard & Poor's announced the travel planning Web site would be added to the
index after the close of trading Oct. 1. Shares were adding $1.43 to $31.60.
Maxim Integrated Products
, however, was losing 3.5%, after the ratings agency said it would replace it on the index at the close of trading Wednesday. The chipmaker is expected to be delisted from the
. Shares were off $1.01 to $27.97.
EchoStar, Expedia and Maxim are components of the Nasdaq 100 index, which was up 9.92 points to 2067.17.
Online advertising player
was up 10.6%, its second straight day of gains fueled by
AOL unit is rumored to be interested, but a deal is unlikely, the
reports. ValueClick shares were gaining $2.32 to $24.32.
shares were edging lower, even though the mobile phone maker
upped its fourth-quarter outlook. Qualcomm now sees earnings of between 52 and 53 cents a share, above the 49 cents a share it predicted earlier and the 50 cents forecast by analysts, according to
The stock fell, however, amid concerns about the company's licensing dispute with rival
. Qualcomm shares were shedding 21 cents to $41.43.
was rising 1.6%, after Banc of America Securities and Jefferies initiated coverage of the stock with buy ratings. The stock was gaining 32 cents to $20.83.