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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
02/15/201707:08:30Amended Statement of Ownership (sc 13g/a)
02/14/201717:58:12Statement of Ownership (sc 13g)
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02/07/201707:30:00CAVA Selects PAR Technology's Brink POS® Software for All Locations
01/26/201712:15:00PAR Technology Corporation to Present at 13th Annual Noble Capital...
01/10/201717:05:46Initial Statement of Beneficial Ownership (3)
01/09/201714:47:19Statement of Ownership (sc 13g)
01/09/201707:30:00Dominó Soda Fountain in Chile Selects PAR Technology’s PixelPoint® Poi...
12/14/201607:30:00Erik’s DeliCafé Selects PAR Technology’s Cloud-Based Brink POS®...
12/05/201617:15:26Current Report Filing (8-k)
12/05/201616:00:00PAR Technology Corporation Appoints Bryan Menar as Chief Financial...
12/02/201617:12:48Current Report Filing (8-k)
12/02/201607:30:00PAR Announces Release of SureCheck® Version 7.0 Food Safety...
11/14/201616:09:38Quarterly Report (10-q)
11/14/201608:16:16Current Report Filing (8-k)
11/14/201607:30:00PAR Technology Corporation Announces 2016 Third Quarter Results...
11/07/201616:10:00CORRECTING & REPLACING PAR Technology Corp. Releases Fiscal 2016...
11/03/201616:43:00PAR Technology Corporation Releases Fiscal 2016 Third Quarter...
11/02/201607:30:00Wegmans Upgrades to PAR Technology’s SureCheck® Advantage Fo...
10/27/201607:55:00PAR Technology Subsidiary Announces New $5.2 Million U.S. Air...

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