TECH STOCKS: Oracle's ATG Acquisition Leads Tech Action

Date : 11/02/2010 @ 12:04PM
Source : Dow Jones News
Stock : Rackspace Hosting, (delisted) (RAX)
Quote : 31.99  0.0 (0.00%) @ 2:05AM

TECH STOCKS: Oracle's ATG Acquisition Leads Tech Action

Oracle Corp. (NYSE:ORCL)
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By Rex Crum

SAN FRANCISCO (MarketWatch) -- Tech stocks climbed along with the broader market Tuesday, with Oracle Corp. in the spotlight as the software giant made another acquisition and headed to the courthouse to determine damages it is seeking in a case with SAP AG.

Shares of Oracle (ORCL) rose about 1% after the company said it would acquire Art Technology Group Inc. (ARTG) for $1 billion, or $6 a share, valuing ATG at a 46% premium to its Monday closing price. Shares of ATG, which develops on-demand and e-commerce software applications, rallied about 45% at last check.

Also, Oracle was set to go to federal court in Oakland, Calif., to begin the process of determining damages it is seeking from SAP (SAP) in a case of intellectual-property theft committed by a former SAP subsidiary.

Video-game publisher Electronic Arts Inc. (ERTS) shares rose about 1% before the release of the company's fiscal second-quarter results, due after the market close.

Rackspace Hosting Inc. (RAX) shares climbed 7.5% as speculation mounted that the cloud-and-managed-hosting technology company could be acquired by Dell Inc. (DELL).

Speaking at a conference in Hong Kong, Dell Chief Executive Michael Dell said his company would make an announcement about a cloud-computing acquisition, but gave no further details on Dell's plans.

Gains also came from Apple Inc. (AAPL), Google Inc. (GOOG) and Microsoft Corp. (MSFT).

The Nasdaq Composite Index (RIXF) rose 14 points to 2,519. The Philadelphia Semiconductor Index (SOX) and the Morgan Stanley High Tech 35 Index (MSH) also edged upward.

Decliners included Hutchinson Technology Inc. (HTCH). The maker of suspension assemblies for hard-disk drives fell almost 7% to $3.19 following a disappointing quarterly earnings report and forecast. Analyst Mark Miller of Noble Financial Group cut his rating on Hutchinson's stock to sell from hold.

 
 

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