Updated from 12:32 p.m. EDT with new stock prices
hostile takeover bid for a Dutch mapmaker sent shares sliding, but tech stocks held steady in advance of the
rate cut decision this afternoon.
Garmin shares slid 10.9% after the GPS device maker
bid $3.3 billion for Dutch mapmaker Tele Atlas. The move comes a month after
agreed to an $8.1 billion buyout offer from
, which sent Garmin shares spiraling downward. Shares were losing $13.08 to $107.40 Wednesday.
was sinking 1.4% after Deutsche Securities cut the digital media distribution stock to a hold from a buy, but upped its price target to $40 from $37. Shares were losing 55 cents to $39.19.
gained 2.7%, after the computer maker
restated earnings for the period between 2003 through the first quarter of this year. The move brings the company back in compliance with
listing requirements and should pave the way for it to continue its stock buyback program. Shares were gaining 80 cents to $30.60.
Elsewhere on the Nasdaq 100,
slid 5.2% to $58 and
was up fractionally, but trading above $700 for the first time at $707.00. The index was up 31.37 points to 2,238.98.
Business software maker
jumped 13.6% after it reported solid third-quarter results. The company posted revenue growth of 23% to $95.8 million, up from $77.7 million in the year-ago period. The company reported net income of $19.3 million, or $1.51 a diluted share, vs. $17 million, or $1.27 a share, a year ago. Shares were adding $11.76 to $98.33.
( SIRF) also was soaring 27.9%, after the chipmaker swung to a third-quarter loss but
beat expectations. The company lost $16.1 million, or 28 cents a share, vs. a net profit of $2.6 million, or 5 cents a share, in the year-ago period. Excluding charges, SiRF earned 29 cents a share, above the 22 cents a share expected by analysts. Shares gained $6.51 to $29.81.