Tech stocks were lower Monday morning as a buyout target nixed a potential deal in the wireless space and Microsoft ( MSFT) suffered a legal setback in Europe. The software giant was 1.3% lower after a European Union court
dismissed an appeal of an antitrust ruling and ordered the company to pay a $700 million fine. Shares fell 39 cents to $28.65. Microsoft is a component of the Nasdaq 100, which was losing 19.86 points to 1980.96. Budget wireless players Leap Wireless ( LEAP) and MetroPCS ( PCS) both were falling almost 2%, after Leap turned down a $5.5 billion offer from its larger competitor to merge. Leap called the all-stock offer "inadequate." Leap shares were edging $1.33 lower to $72.99, while MetroPCS was sinking 43 cents to $24.67. SunCom Wireless Holdings ( TPC), however, was benefiting from buyout news. The wireless provider operating in the southeast U.S., Puerto Rico and the U.S. Virgin Islands rocketed 17.1%, after agreeing to be bought by Deutche Telecom's ( DT) T-Mobile USA unit for $1.6 billion in cash. T-Mobile will also take on $800 million in debt. SunCom shares were adding $3.76 to $25.76. InfoSpace ( INSP) was jumping 27.6% after agreeing to sell its online directory business to Idearc ( IAR) for $225 million. The transaction is expected to be completed by the end of the year. The company plans to return the net proceeds of the sale to investors as a special cash distribution. InfoSpace shares jumped $3.65 to $16.90. Shares of Business Objects ( BOBJ) were rising 5.6%, after buyout rumors swirled around the software maker. A French paper reported the company had hired Goldman Sachs to help find a buyer. Shares jumped $2.38 to $44.76. iRobot ( IRBT), however, was plummeting 22.1%, after news broke late Friday that rival Robotic FX received a $279.9 million from the Pentagon for an initial 101 bomb-detecting robots for use in Iraq and Afghanistan, according to the Associated Press. iRobot shares were falling $5.22 to $18.40.