Updated from 2:21 p.m. EST with new stock prices
Tech stocks traded mixed Wednesday as news of big buyouts in the sector was offset by
disappointing earnings report.
soared 18.5% after
said Wednesday it
will buy BEA for about $19.38 a share in cash, or roughly $8.5 billion.
Oracle's price is still below the $21 a share that BEA said last year it wanted, but it is 14% higher than Oracle's original bid of $17 a share. BEA rose $2.88 to $18.46, while Oracle was up 61 cents, or 2.9%, to $21.92.
headed higher by 55 cents, or 3.67%, to $15.53 after the company said it
will buy open source company
for about $1 billion in a bid to strengthen its presence in the database market.
Sun expects the deal to close late in the third quarter or early fourth quarter of its fiscal 2008. The firm also said its revenue for the second quarter ended Dec. 30 increased 1% $3.60 billion and that it earned 28 cents to 32 cents a share. Analysts are looking for a profit of 29 cents on revenue of $3.58 billion for the second quarter.
gained 44 cents, or 7.2%, to $6.56 after its rival Intel guided below analysts' expectations for the first quarter. AMD shares are now up 23.5% from its 52-week low of $5.31 on Jan. 9.
Intel plunged 12.4%, a day after the company's fourth quarter
Although Intel grew its bottom line 51% in the fourth quarter and raised its profit margin to the highest level in two years, the company's forecast underwhelmed investors. Intel guided first-quarter revenue between $9.4 billion and $10 billion. Analysts were expecting revenue of $10 billion sales with EPS of 34 cents. Intel declined $2.81 to $19.88.
fell 5.6% as investors were underwhelmed by Apple's announcements at the Macworld Conference in San Francisco.
Apple CEO Steve Jobs took the stage Tuesday to announce a new lightweight notebook, MacBook Air, a movie rentals service through iTunes, and upgrades to Apple TV, iPod and iPhone. Apple was down $9.40 to $159.64.
Graphics chip maker
fell $3.02, or 11.3%, to $23.71, a day after the stock was downgraded by a Wall Street analyst.
A Deutsche Securities analyst lowered the rating on the stock to hold from buy on the belief that after several quarters of growth and a strong PC cycle, demand is likely to slow in the first half of the year.
"Given the background of a seasonally weak period and lack of new product cycle, we do not see near-term drivers for the stock," the analyst said in a research report. An analyst with Canaccord Adams also initiated coverage of the stock Tuesday with a sell rating.