Technology Sector Update for 01/11/2018: XRX,DST,SSNC,AVYA


Top Tech Stocks

MSFT +0.18%

AAPL +0.42%

IBM -0.24%

CSCO +0.64%

GOOG -0.27%

Technology stocks were firming Thursday, with shares of tech companies in the S&P 500 adding over 0.4% in value while the Philadelphia semiconductor index was posting a more than 0.6% gain.

Among technology stocks moving on news:

+ Xerox ( XRX ) pushed out to a session high of $32.51 a share, rising more than 7%, after unnamed people with knowledge of the matter told the Wall Street Journal the company is discussing several types of deals with Japan’s Fujifilm, which may or may not include a change of control of Xerox. The companies already share a joint venture.

In other sector news:

+ DST Systems ( DST ) climbed to a best-ever $84.48 a share after accepting a $5.4 billion buyout offer from SS&C Technologies ( SSNC ). Under the terms of the proposed merger agreement, SS&C will pay $84 for each DST share, a 5.1% premium over Wednesday’s closing price, and will also assume about $511 million of its long-term debt. SS&C is expecting the deal will immediately add to its per-share earnings, excluding synergies, and grow to a percentage rise in the mid-teens in 2019.

+ Avaya Holdings ( AVYA ) added 2.5% in value Thursday after the software firm said it expects to begin trading on the New York Stock Exchange on Jan. 17, pending final approval from the Securities and Exchange Commission.

+ TiVo ( TIVO ) was hanging on to a narrow gain after the entertainment technology company said it has filed suit in a federal court in California and Massachusetts against Comcast (CMCSA), alleging the cable company’s X1 platform infringes technology invented and patented by its Rovi unit. It also plans to soon begin additional legal action before the US International Trade Commission.

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