Tech stocks rally behind Akamai, Micron |
| MarketWatch - Dec 22, 2011 |
Gains from Akamai Technologies Inc., Micron Technology Inc. and Tibco Software Inc. highlighted a day of broad gains in the tech sector Thursday.
Akamai /quotes/zigman/67451/quotes/nls/akam AKAM -0.38% shares rose by $4.96, or almost 19%, to close at $31.63. Before the market opened, Akamai said it would acquire Cotendo, a developer of applications for delivering content over the Web and mobile devices. Akamai said it will pay $268 million for Contendo and that the deal should close in the first half of next year. Read Market Extra on why Akamai chose to buy Cotendo.
S&P Equity Research upgraded Akamai to strong buy from buy following the news.
“We think (the deal) would strengthen Akamai’s technology, offerings, customer base, pricing, and potential for innovation and growth. Cotendo operates in the high-growth areas of cloud and mobile content and application acceleration. We also see benefits from aligning with key Cotendo partners AT&T /quotes/zigman/398198/quotes/nls/t T +1.23% , Citrix Systems /quotes/zigman/55934/quotes/nls/ctxs CTXS -0.02% and Juniper Networks /quotes/zigman/202982/quotes/nls/jnpr JNPR +0.05% ,” the analysts wrote in their report.
Read Full Article from MarketWatch
- Posted: 2011-12-22 16:13:28
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