By Rex Crum

Tech stocks were active Monday, with Hewlett-Packard Co. announcing a $10 billion stock buyback and holding the edge in the battle for 3Par Inc., while Intel Corp. slipped after unveiling its latest deal.

Before the market opened, H-P (HPQ) said it has approved a plan to buy back $10 billion of its company stock. The company still has $4.9 billion in repurchase authorizations remaining under an $8 billion buyback plan the H-P board approved in 2009.

H-P also appeared to have the inside track in the fight with Dell Inc. (DELL) to acquire 3Par (PAR). Over the weekend, 3Par said it intended to accept H-P's $30-a-share offer, which values the data-storage company at about $2 billion. Dell, which originally reached a deal to acquire 3Par for $18 a share before H-P started a bidding war for the company, has yet to respond to H-P's latest offer, or 3Par's plans.

H-P shares rose $11.28, or 3.4%, to $39.27, while Dell was up 19 cents a share at $12.08. 3Par shares shed 68 cents to trade at $31.80.

Intel (INTC) opened up its checkbook again, agreeing to pay $1.4 billion for the wireless-chip business of German semiconductor company Infineon Technologies AG (IFNNY). The Infineon business makes chips used in mobile phones and laptop PCs.

It's the second major acquisition for Intel in two weeks. Earlier this month, Intel agreed to acquire security software company McAfee Inc. (MFE) for $7.7 billion.

Intel shares were down 36 cents, or almost 2%, at $18.01

Cogent Inc. (COGT) shares climbed $1.76, or almost 20%, to $10.67 after 3M Co. (MMM) said it would acquire the biometric-technology company for $943 million. 3M plans on using Cogent's technology to expand its business with law-enforcement and border-security agencies.

The recent wave of tech acquisitions has led to much speculation over what areas and companies appear to be attractive targets for some of the tech leaders with huge cash reserves.

Gains also came from Apple Inc. (AAPL), Oracle Corp. (ORCL), EMC Corp. (EMC), IBM Corp. (IBM) and Research In Motion Ltd. (RIMM).

The Nasdaq Composite Index (RIXF) edged up about 1 point to 2,154. The Philadelphia Semiconductor Index (SOX) dipped into the red.