TECH STOCKS: Novell Gains Lead Tech Trading Action

Date : 03/22/2010 @ 10:31AM
Source : Dow Jones News
Stock : Novell, Inc. (MM) (NOVL)
Quote : 6.099  0.0 (0.00%) @ 2:05AM

TECH STOCKS: Novell Gains Lead Tech Trading Action

Novell, Inc. (MM) (NASDAQ:NOVL)
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By Rex Crum

Technology stocks showed some signs of life Monday in a session highlighted by gains from Novell Inc. after the business-software maker rejected a buyout offer but also said it was exploring selling the company.

Novell (NOVL) shares climbed 27 cents, or almost 5%, to $5.91 after the company said over the weekend that a $2 billion buyout offer from private-equity firm Elliott Associates was "inadequate" and undervalued the company. Elliott's offer valued Novell's stock at $5.75 a share.

However, in a statement, Novell said its board of directors is exploring several options, included a sale of the company.

Gains also came from Apple Inc. (AAPL), Oracle Corp. (ORCL), Dell Inc. (DELL), Cisco Systems Inc. (CSCO) and Intel Corp. (INTC).

Palm Inc. (PALM) shares remained near their breakeven point of $4 after the company said that AT&T Inc. (T) will begin selling the company's Palm Pre Plus and Pixi Plus smartphones. No date for the release was set.

The Nasdaq Composite Index (RIXF) rose about 2 points to 2,37, while the Philadelphia Semiconductor Index (SOX) and the Morgan Stanley High Index (MSH) both posted small gains.


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