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TECH STOCKS: Tech Stocks Rise On Latest Data Storage Buyout

By Dan Gallagher Technology stocks posted gains Monday as deal-making in the data storage market continued to draw attention. IBM Corp. (IBM) announced plans to buy Netezza Corp. (NZ) for $27 per share in cash, for a total enterprise value of $1.7 billion. The price was about 10% above Netezza's latest closing price, but represented a premium of more than 80% from its market value before M&A rumors caused a run-up of data storage stocks last month. Netezza shares jumped $3.67, or 14.9%, to close at $28.27. Netezza's run-up before Monday was caused by a high-profile bidding war for 3Par Inc. (PAR) , which was bought by Hewlett-Packard (HPQ) for more than $2.3 billion following several counter-offers from Dell Inc. (DELL) IBM shares were up 1.2% to close at $131.79, while H-P added 0.6% to close at $39.39. Dell shares were up 1.8% to close at $12.67. Other data storage stocks saw small gains on the latest deal. CommVault Systems (CVLT) was up 3.8% while Compellent (CML) was up by 1%. Isilon Systems (ISLN) rose 1.7%. The Nasdaq Composite Index (RIXF) was up by 1.7% to close at 2,356, while the Morgan Stanley High-Tech Index was up 1.5%. The Philadelphia Semiconductor Index (SOX) gained 0.5%. Apple (AAPL) , Google (GOOG) and Western Digital (WDC) also made strong gains. Oracle Corp. (ORCL) saw its shares rise by a fraction as its annual trade show Oracle World kicked off in San Francisco. CEO Larry Ellison spoke to attendees on Sunday night, while newly hired co-president Mark Hurd addressed the crowd Monday morning.

Stock News for 3par (PAR)
DateTimeHeadline
09/23/201020:28:12Oracle CEO: 'You Could See Us Buy A Chip Company'
09/20/201016:39:08TECH STOCKS: Tech Stocks Rise On Latest Data Storage Buyout
09/13/201017:01:39TECH STOCKS: Microsoft, Chip Sector Lead Tech Surge
09/13/201014:38:05TECH STOCKS: H-P, ArcSight Deal Fuels Tech-sector Gains
09/08/201014:47:11H-P CFO Lesjak: CEO Search Committee Is Actively Interviewing...
09/08/201010:41:24Dell Seeks To Improve EMC Relationship After Failed 3Par Bid
09/07/201008:36:23TECH VIEW: Andreessen Plays Key Role As H-P Seeks New CEO
09/02/201018:57:26H-P Details $33-A-Share Tender Offer; 3Par Pays Dell $72 Million...
09/02/201017:01:59TECH STOCKS: Tech Stocks Close With Gains; H-P Wins 3Par Fight
09/02/201016:43:09MARKET SNAPSHOT: Stocks Log Gains Ahead Of Friday Jobs Report
09/02/201016:09:09MARKET SNAPSHOT: Stocks Creep Higher Near Close Of Trading
09/02/201015:21:05MARKET SNAPSHOT: Stocks Stay Close To Home Ahead Of Friday Data
09/02/201012:15:233Par Shares Fall Below H-P Bid After Dell Withdraws
09/02/201011:31:42TECH STOCKS: Tech Stocks Rise As H-P Wins 3Par Bidding War
09/02/201011:17:22MARKET SNAPSHOT: U.S. Stocks Waver After The Start
09/02/201011:13:12TECH STOCKS: Tech Stocks Rise As HP Wins 3Par Bidding War
09/02/201010:18:35WSJ: H-P Boosts 3Par Offer To $2.1 Billion; 3Par Calls Bid 'Superior'
09/01/201018:07:193Par Bidding Underscores Need to Integrate Cloud Technologies
08/31/201016:51:32TECH STOCKS: Chip-stock Losses Lead Weak Month For Techs
08/31/201011:35:12TECH STOCKS: Tech Stocks Muddle Through Another Mixed Session

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