Tech stocks on Monday were sinking with the rest of the market, sparked by
renewed concern over government-sponsored entities
( FNM) and
was down 1.7%, shedding 41 points to 2411 in recent trading.
caused a stir when it announced that it would not extend the deadline on its $2 billion buyout offer for
. That marks a departure from its previous behavior, where it extended the deadline on five separate occasions.
EA said its tender offer for all of the currently outstanding shares of Take-Two will expire Monday at midnight, although the companies will now enter private talks. Shares of EA were down 1.1% to $47.71. Take-Two was down 3.3% to $24.02.
Shares of telecom service provider
were down 2.6% to $3.82. The company on Monday hammered out a potential agreement with two of its labor unions, the Communications Workers of America and the International Brotherhood of Electrical Workers.
saw its shares plummet 6.5% to $8.56 after Avondale Securites downgraded the stock based on rising legal and audit costs.
The company stated in an SEC filing that it would delay its quarterly report for the quarters ending March 31 and June 30 "as a result of the self-initiated expanded review undertaken by the company and its audit committee of the company's revenue cut off procedures, internal controls and accounting related to certain customer contracts, which review is ongoing." Novatel is expected to report preliminary second quarter results on Tuesday.
Shares of microchip maker
Silicon Motion Technology
made some gains on Monday after authorizing a $40 million share repurchase program on Friday. The stock was up 3.1% to $8.33.