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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
05/03/201616:51:17Current Report Filing (8-k)
05/03/201616:00:00PAR Technology Corporation Announces 2016 First Quarter Results...
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04/08/201614:45:12Proxy Statement (definitive) (def 14a)
04/07/201606:02:51Statement of Ownership (sc 13g)
04/05/201607:30:00MOD Pizza® Completes 115th Install of PAR’s Brink POS® with No...
03/30/201618:11:10Annual Report (10-k)
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03/30/201616:00:00PAR Technology Corporation Announces 2015 Fourth Quarter and...
03/29/201616:35:00PAR Technology Corporation to Present at Sidoti Emerging Growth...
03/24/201613:57:00Par Technology Corp. Releases Conference Call & Webcast Information...
03/21/201609:03:34Current Report Filing (8-k)
03/14/201607:30:00PAR Technology Corporation Announces Dismissal of the Company’s C...
03/14/201606:21:00Current Report Filing (8-k)
03/09/201607:30:00Giardino Gourmet Salads Selects Cloud-Based PAR Brink POS® Software...
03/01/201607:30:00PAR Technology Subsidiary Announces $3.4 Million Contract with...
02/24/201607:30:00Modern Market Completes Deployment of PAR Brink POS® Software...
02/18/201607:30:00PAR Brink POS Completes Integration with HotSchedules® an Employee...
02/17/201608:00:00HotSchedules and PAR Technology Corporation Announce "Internet...

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