SAN FRANCISCO (TheStreet) – Despite the broader markets giving up ground Monday, several tech companies managed to pull ahead, in part fueled by acquisition rumors and announcements.
Data storage giant EMC (EMC) , for example, closed at $29.68 a share, up 0.51%. The company reportedly had been in merger talks with Hewlett-Packard (HPQ) and deal discussions with privately held Dell, according to a report in The Wall Street Journal. And although the merger talks with HP have been sporadic and nearly a year long, they recently concluded with no deal being done, the publication reports. The status with Dell remains uncertain, but likely to fall short of a full blown buyout of the company.
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Shutterfly (SFLY) gained throughout the day, finally closing at $50.12 a share, up 5.47%. The back story on the photo sharing company is that Silver Lake Partners is fairly far along in talks to acquire the company for more than $50 a share, says FinancialJuice. But this private equity firm is not the only one contemplating a deal with Shutterfly. Other private equity firms, namely Bain Capital and Hellman & Friedman, may also be interested.
Adobe (ADBE) , which announced Monday an acquisition of mobile software developer kit maker Aviary, also saw its shares rise at the close to $67.20, up 0.39%. But for this software titan, the impact of its acquisition announcement is apparently having the opposite affect of the M&A rumors surrounding Shutterfly and EMC. Adobe made its acquisition announcement after the market's close, with investors pushing its shares down 0.4% to $66.94 in after-hours trading.
Other tech companies managed to pull ahead in Monday's trading, without the lift or baggage of M&A rumors or announcements.