Updated from 1:24 p.m. EST with new stock prices
Momentum in technology stocks slowed down Wednesday as stocks held steady after Tuesday's huge market rally.
Chinese search giant
, however, moved higher. Baidu's stock was up $2.55, or 0.75%, to $344.00, a day after a Citigroup analyst suggested that the recent selloff in the stock could have been overdone. Baidu had lost 30% of its value last week.
Research In Motion
, which was beaten down last week, continued its slide. RIM slid $2.60, or 2.3%, $109.95.
jumped 2.3% after the company said it will buy Atlanta-based mobile banking company
for $210 million in cash. The acquisition could expand Qualcomm's wireless services and help the company to get financial institutions to offer a wider array of mobile banking services, mobile payments and marketing. Qualcomm expects the deal to reduce its 2008 fiscal earnings by 2 cents a share and have no impact on its fiscal 2009 EPS.
soared 9.73% after the company posted a strong quarterly report with $53 million in net income or 15 cents a share in the third quarter, compared with $29 million (8 cents a share) a year ago. Revenue rose 41% to $557 million. The company added about 114,000 subscribers for the quarter. Analysts were expecting EPS of 13 cents on revenue of $563.3 million. Metro PCS was up $1.60 to $18.05.
continued to trend down with its shares off $1.03 or 3.95% to $25.07 on Wednesday. The stock has been off nearly 8.5% since Nov. 7 and flat since the beginning of the year.
Sirius Satellite Radio
fell 3.3%, a day after the company's shareholders approved the deal to allow the company to buy its rival
XM Satellite Radio
for about $5 billion. Regulatory approval for the merger is pending but the two companies hope to close the transaction by the end of the year.