Tech stocks Join Broader Rally (MSFT, MU, TIVO, GOOG, AONE, OVRL, LXK, YHOO)
Technology stocks jumped sharply on Monday, tracking the broader markets rally following optimistic comments from Federal Chairman Ben Bernanke about the U.S. economy. Bernanke’s cautious comments about the economy were interpreted to mean that the central bank was not about to abandon its current monetary policy.
Microsoft Corporation (NASDAQ:MSFT) is the top tech gainer on the DOW and soared 1.50% to $32.49.
TiVo Inc (NASDAQ:TIVO) increased 1.32% to $12.25. The Company has filed the counterclaim in the U.S. District Court claiming infringement on three patents. The Company sued Motorola Mobility Inc and one of its cable MSO partners, Time Warner Cable Inc.
Google Inc (NASDAQ:GOOG) surged up 0.22% to $644.0. The Company has added a new Display Network Tab to Adwords to make it easier to buy and track display advertising. The Company has been awarded a patent on technology that would provide targeted advertising based on a Smartphone consumer’s environment.
A123 Systems Inc (NASDAQ:AONE) plunged 12.35% to $1.49. The Company has started to replace potentially defective battery packs and modules produced at a Michigan plant.
Overland Storage Inc (NASDAQ:OVRL) surged up 7.50% to $2.15. The Company has won ‘Hardware Product of the Year’ with its SnapServer DX Series™ at the 2012 Network Computing Awards.
Lexmark International Inc (NYSE:LXK) declined 1.60% to $33.74. Sanford C. Bernstein lowered the rating on the stock from outperform to market perform. Recently, the Company announced the acquisition of BDGB Enterprise for purchase price of approximately $148 million.
Yahoo! Inc (NASDAQ:YHOO) is up 0.03% to $15.40. In a filing, the activist shareholder Third Point pushed for the nomination of four board members.
Micron Technology, Inc.(NASDAQ:MU) slid 1.81% to $8.25 after analyst at Oppenheimer downgraded the stock Perform, citing “it was easy to set a price target of at least book value, but once that has been crossed, it becomes difficult to justify a higher valuation unless Micron becomes profitable… Investors should take profits as Micron strives for profitability.”