By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks started the week off
on a mostly negative note Monday, with declines coming from many
sector leaders.
Meanwhile, Zillow (ZILLOW.XX)has agreed to buy rival Trulia Inc.
(TRLA) in a stock-for-stock deal that would bring together two of
the biggest names in the fast-growing market for online real-estate
information. The deal is expected to close in 2015.
Zillow said it will continue to use the Trulia brand. Trulia
Chief Executive Pete Flint will retain his title and report to
Zillow CEO Spencer Rascoff. Additionally, Flint, and a second
member of Trulia's board of directors will join Zillow's board.
While both companies are known mostly as resources of
real-estate information for consumers, Zillow said in a statement
that they "are primarily media companies, generating the majority
of revenue through advertising sales to real estate professionals."
In June, Zillow reported 83 million unique visitors across its
mobile and Web platforms, while Trulia reported 54 million unique
visitors during the month.
Trulia shares rose more than 9%, to $61.45, while Zillow was off
by 6% at $149.03 a share.
In addition to Trulia, mild gains also came from Apple Inc.
(AAPL), Priceline.com Inc. (PCLN), IBM Corp. (IBM) and Oracle Corp.
(ORCL).
The Nasdaq Composite Index (RIXF) fell almost 25 points to
4,425, and the Philadelphia Semiconductor Index (SOX) was off by
almost 1%.
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