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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)
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07/29/201516:30:46Initial Statement of Beneficial Ownership (3)
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07/23/201516:00:00PAR Technology Corporation Names New CFO
06/25/201512:08:47Statement of Changes in Beneficial Ownership (4)
06/25/201512:05:24Statement of Changes in Beneficial Ownership (4)
06/25/201511:58:44Statement of Changes in Beneficial Ownership (4)
06/18/201507:30:00PAR Technology Subsidiary Opens Office in Dayton, OH Area
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06/04/201515:05:29Initial Statement of Beneficial Ownership (3)
06/03/201507:30:00Kiva Dunes Selects PAR Springer-Miller to Implement SMS|Host® H...
06/02/201516:22:45Current Report Filing (8-k)
05/29/201516:19:08Specialized Disclosure Report (sd)

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