By Rex Crum
Tech stocks showed signs of adding to the previous day's gains
Thursday, as Hewlett-Packard Co. was able to finally claim victory
over Dell in the fight to acquire 3Par Inc.
In early trading, Dell (DELL) said it would not raise its final
offer for 3Par and that it would end discussions about acquiring
the data-storage technology company. Dell's statement came after
H-P (HPQ) raised its bid for 3Par to $33 a share, or $2.4 billion,
before the market opened.
3Par (PAR) said in a statement that Dell (DELL) had increased
its offer for the company to $32 a share from $27 a share, but that
3Par had determined H-P's offer to be "a superior proposal".
3Par shares rose 69 cents, or 2% to $32.77, while H-P added 25
cents a share to reach $39.46. Dell rose 14 cents a share to
$12.26.
Apple Inc. (AAPL) gave up 83 cents a share to trade at $249.36 a
day after the company unveils a revamped line of iPods, new
features for its iTunes stores, and a new version of its Apple TV
set-top box that the company believes will give it a better
presence in consumers' living rooms.
Among other tech stocks, gains came from Adobe Systems Inc.
(ADBE), Yahoo Inc. (YHOO), Google Inc. (GOOG) and Intel Corp.
(INTC).
The Nasdaq Composite Index (RIXF) rose 10.5 points to 2,187,
while the Philadelphia Semiconductor Index (SOX) was up almost 1%.
The Morgan Stanley High Tech 35 Index (MSH) edged up slightly.
The tech sector rose along with the broader market following a
slate of economic data released before the market opened.
The Labor Department reported that the number of people applying
for unemployment benefits fell last week by 6,000 to 472,000.
However, first-time claims still remained at a high level.
Also, the Labor Department said that productivity levels of
American businesses fell by almost 2% in the second quarter of the
year.