By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks started the week on a
upbeat note Monday, with Apple Inc. on the rise ahead of a company
event expected to involve the iPhone, Facebook Inc. climbing toward
$45, and Molex Inc. surging on a takeover offer.
Apple (AAPL) shares rose $5.70, to $503.95 as anticipation
continued to rise over the company's plans for the next model of
the iPhone. Apple has an event scheduled at its Cupertine, Calif.
headquarters on Tuesday, and it is expected to unveils details of
up to two new versions of the iPhone.
Molex (MOLX) shaers climbed more than 31%, to reach $38.54 after
the electronics-components maker agreed to be acquired by privately
held conglomerate Koch Industries for $7.2 billion in cash.
Facebook Inc. (FB) continued its recent muscle flexing, as its
shares rose to a 52-week-high of $44.79. Sterne Agee analyst Arvind
Bhatia raised his price target on Facebook's stock to $50 a
share.
Groupon Inc. (GRPN) was up more than 5%, and reached a
52-week-high of $11.43 a share. Groupon said it acquired European
travel app Blink for an undisclosed amount. Blink offers access to
last-minute hotel deals in eight European countries, and Groupon
said it would add Blink's service to its Groupon Getaways
business.
Dell Inc. (DELL) edged up by a penny a share to $13.85 after
activist investor Carl Ichan said he was giving up his efforts to
stop a proposal led by Dell Chief Executive Michael Dell to take
his namesake company private. Dell shareholders are scheduled to
vote on Michael Dell's plan on Thursday.
The Nasdaq Composite Index (RIXF) rose more than 20 points to
3,680, and the Philadelphia Semiconductor Index (SOX) rose almost
1%.
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