TECH STOCKS: Brocade Gains In Volatile Tech Sector

Date : 06/02/2011 @ 6:10PM
Source : Dow Jones News
Stock : Brocade Communications Systems, Inc. (MM) (BRCD)
Quote : 12.64  0.0 (0.00%) @ 5:01PM

TECH STOCKS: Brocade Gains In Volatile Tech Sector

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By Rex Crum, MarketWatch

SAN FRANCISCO (MarketWatch) -- Technology stocks put in mild gains Thursday, helped in part by modest advances from the likes of Apple Inc. and Dell Inc., but the sector showed some signs of weakness.

In addition to Apple (AAPL) and Dell (DELL), gains also came from Intel Corp. (INTC) NetApp Inc. (NTAP) and Qualcomm Inc. (QCOM)

(QCOM)Microsoft Corp.'s (MSFT) shares fell 21 cents to close at $24.22 after the company showed off a preview of its upcoming Windows 8 operating system at the Computex computer industry show in Taipei.

Brocade Communications Systems Inc.'s (BRCD) shares climbed 44 cents, or 6.6%, to $7.11. Late Wednesday, Canaccord Genuity analyst Paul Mansky wrote in a research note that Dell should make more of a move into networking and that Brocade could be an acquisition target.

The Nasdaq Composite Index (RIXF) managed to eke out a gain of 4 points to close at 2,773 and rebound somewhat from Wednesday's loss of more than 66 points.

After the market closed, daily-deal site Groupon filed for an initial public offering worth $750 million.

Additionally, streaming-radio company Pandora, which had already filed for an IPO, set its price range at between $7 and $9 a share.

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