RealTime IT News

NetApp, Broadcom Gain as Tech Stocks Stall

Merger mania in the data storage sector dominated stock trading on Thursday, while the rest of the market treaded water on mixed economic reports.

NetApp (NASDAQ: NTAP) rose 3.4% after conceding the takeover battle for Data Domain (NASDAQ: DDUP) to rival EMC (NYSE: EMC), as speculation returned that NetApp itself could become a takeover target.

Emulex (NYSE: ELX) fell 7.8% after rejecting the latest takeover offer from Broadcom (NASDAQ: BRCM), while Broadcom shares rose 4% after the company said it will abandon its bid to acquire Emulex.

3Com (NASDAQ: COMS) fell 8.5% on a weaker than expected outlook.

The rest of the market was mixed, as traders digested better than expected results from Alcoa (NYSE: AA), a big drop in weekly jobless claims and weak retail sales.

Next week, attention will turn to second-quarter earnings reports, with Intel (NASDAQ: INTC), Google (NASDAQ: GOOG), IBM (NYSE: IBM) and Nokia (NYSE: NOK) set to report their results.

The Nasdaq added 5 to 1752, the S&P 500 rose 3 to 882, and the Dow was up 4 to 8183. Volume fell to 4.35 billion shares on the NYSE, and 1.91 billion on the Nasdaq. Advancers led by a 23-13 margin on the NYSE, and by a few shares on the Nasdaq. Upside volume was 68% on the NYSE, and 70% on the Nasdaq. New highs-new lows were 11-46 on the NYSE, and 14-35 on the Nasdaq.