Updated from 11:17 a.m. EST to provide analyst comments on Micron, Akamai and Tibco, and updated share prices.NEW YORK ( TheStreet) -- Akamai Technologies ( AKAM - Get Report) shares rose 19% to $31.75 Thursday on news the content delivery network company purchased Cotendo for $268 million. Stifel Nicolaus was positive on the acquisition in a research note. Analyst Tim Klasell wrote, "we see the acquisition delivering additional capabilities in mobile acceleration and application acceleration." He rates shares buy with a $32 price target. The purchase allows Akamai to further expand its offerings of cloud-based acceleration technologies, Contendo's specialty. It also enables Akamai to speed up the delivery of video streaming.
Micron Technology ( MU - Get Report) shares were soaring 16.8% to $6.47 despite the posting of a quarterly loss wider than analysts' expectations. The company reported a loss of 19 cents a share on revenue of $2.09 billion. Analysts polled by Thomson Reuters were looking for a loss of 8 cents a share in the latest period on revenue of $2.13 billion. Shares are rallying on back of an upgrade from Wedbush Securities, as well as expectations that DRAM
Tibco Software ( TIBX) shares jumped 9.8% to $24.16 after the company beat analyst earnings estimates. Tibco reported non-GAAP earnings of $72.2 million, or 42 cents a share, on revenue of $289.5 million. This handily beat the average estimate of analysts polled by Thomson Reuters, who were looking for a fiscal fourth-quarter profit of 35 cents a share on revenue of $281.3 million. On its conference call, the company raised first-quarter guidance and full-year earnings guidance above Wall Street expectations. J.P. Morgan analyst John DiFucci wrote that Tibco seems better positioned to handle additional macro weakness than other companies in its space. He rates shares overweight with a $22 price target.
Yahoo! ( YHOO) shares were lower than earlier in the session, up 0.66% to $16.09, on reports the company could be in the process of doing a "cash-rich split" for its Asian assets to unlock shareholder value. The New York Times reported Wednesday that Yahoo!'s board is weighing a sale of the majority of its holdings in Alibaba Group and Yahoo! Japan in a tax-efficient deal worth about $17 billion, or roughly $14 a share. Tech stocks were largely rallying Thursday on signs of improvement in the U.S. economy, with the Nasdaq up 0.5%. -- Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: firstname.lastname@example.org