Technology Sector Review: ATF Switching to iPhones, Microsoft Rebrands
SINA Corporation (NASDAQ:SINA): In China, Sina Corp. (NASDAQ:SINA) says that a government requirement to verify the identities of its microblogging service users may affect activity that has made the company a prominent social networking service, reports the Wall Street Journal.
The shares closed at $70.04, up $7.09, or 11.26%, on the day. Its market capitalization is $4.62 billion.
Spreadtrum Communications (NASDAQ:SPRD): Notable companies reporting before the opening bell include Accretive Health (NYSE:AH), DiamondRock Hospitality (NYSE:DRH), Joy Global (NASDAQ:JOY), Oil and Gas (AMEX:NOG), Staples (NASDAQ:SPLS) and Spreadtrum Communications (NASDAQ:SPRD).
The shares closed at $16.97, up $1.3, or 8.28%, on the day. Its market capitalization is $792.02 million.
Tech Data Corp (NASDAQ:TECD): ABBYY, a provider of document recognition, document capture, and linguistic technologies and professional services, announced that it has entered into a new strategic distribution relationship with Tech Data. Under the agreement, Tech Data will distribute select ABBYY products and software support services through its established network of value-added Apple and Document Imaging resellers in the United States.
The shares closed at $53.99, down $3.45, or 6.01%, on the day. Its market capitalization is $2.23 billion.
Finisar Corporation (NASDAQ:FNSR): Finisar (NASDAQ:FNSR), which provides optical subsystems and components, is retreating after Jefferies downgraded its rating on the stock to Hold from Buy in the wake of Cisco acquiring privately-held Lightwire. Jefferies said its channel checks suggest that Cisco (NASDAQ:CSCO) will stop buying Finisar’s interfaces for high-speed interconnects by July 2013. According to the firm, Cisco will use the technology of Lightwire to develop proprietary replacements for Finisar’s interfaces. While only 5%-10% of Finisar’s revenue will be jeopardized by the change, Jefferies believes that this business is one of the company’s fastest growing revenue sources. The firm reduced its price target on Finisar shares to $22 from $24 along with the rating reduction to Hold. In mid-morning trading, Finisar dropped 76c, or 3.30%, to $22.26.
The shares closed at $21.79, down $1.23, or 5.34%, on the day. Its market capitalization is $1.98 billion.
Apple Inc. (NASDAQ:AAPL): The federal Bureau of Alcohol, Tobacco, Firearms and Explosives, or ATF, is going to begin the process of taking RIM’s (NASDAQ:RIMM) Blackberry phones from its employees, according to Politico, which cited the ATF’s chief information officer. Most of the employees will be switched to Apple’s (NASDAQ:AAPL) iPhones , the officer added.
The shares closed at $535.41, up $9.65, or 1.84%, on the day. Its market capitalization is $499.20 billion.
Microsoft Corporation (NASDAQ:MSFT): With the introduction of Windows 8, Microsoft (NASDAQ:MSFT) will be replacing its Zune music and video service brand with the “Xbox Live for Windows” name, while its Windows Live applications will become part of a bundle of “Windows Communications” preinstalled apps and “Windows Live ID” will renamed “Microsoft Account,” The Verge reports.
The shares closed at $31.87, up $0.52, or 1.66%, on the day. Its market capitalization is $267.41 billion.
Intel Corporation (NASDAQ:INTC): Intel (NASDAQ:INTC) and Micron Technology (NASDAQ:MU) announced that the companies have entered into agreements to expand their NAND Flash memory joint venture relationship. The agreements, which are designed to improve the flexibility and efficiency of the joint venture, include a NAND Flash supply agreement for Micron to supply NAND products to Intel and agreements for certain joint venture assets to be sold to Micron. Under terms of the agreement, Intel is selling its stake in two wafer factories in exchange for approximately $600Mthe approximate book value of Intel’s share. Additionally, Intel will be receiving approximately half of the consideration in cash and the remaining amount will be deposited with Micron, which may be refunded or applied to Intel’s future purchases under the NAND Flash supply agreement. The agreements also extend the companies’ successful NAND Flash joint development program and expand it to include emerging memory technologies.
The shares closed at $27.24, up $0.35, or 1.3%, on the day. Its market capitalization is $136.09 billion.
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