Tech Stocks Trading Mixed, Oracle Lags (ORCL, YOKU, SINA, TUDO, VELT, AAPL, NOK)
Tech Stocks opened mixed Monday with Oracle Corporation leading the loser after being downgraded, while Youku Inc’s acquisition of Tudou providing boost to various online Chinese companies. Technology SPDR (ETF)(NYSE:XLK) is trading lower by 0.07% to $29.16.
Oracle Corporation(NASDAQ:ORCL) shares slid 2.80% in the morning session after analyst at Jefferies & Co. downgraded the stock to “hold” from “buy, “citing the quickening shift to the so-called software-as-a-service trend as a looming competitive threat.
SINA Corporation (USA) (NASDAQ:SINA) declined 1.74% to $76.07. The Company expects 60% of the users of its popular microblogging Weibo platform would have registered their real identities by March 16 deadline in compliance with government regulations. Tudou Hldg Ltd (ADR) (NASDAQ:TUDO) among the top gainers in NASDAQ. The stock soared 146.65% to $37.96 on a thickly traded volume of 3.02 million shares after Youku Inc and Tudou Holdings Limited signed a definitive agreement related to merger of Tudou with Youku in a 100% stock-for-stock transaction. Under the terms of the agreement, shares of Tudou will be cancelled in exchange for the right to receive 7.177 Class A ordinary shares of Youku.
Velti Plc (NASDAQ:VELT) increased 15.99% to $11.39. Augme Technologies Inc has filed a patent infringement lawsuit in the United States District Court of Delaware against Velti USA Inc.
Apple Inc (NASDAQ:AAPL) is up 0.78% to $549.41 on a thickly traded volume of 6.10 million shares. The Company is planning to invest more than $304 million to double its workforce in Austin. The Company will increase more than 3,600 employees at its new facility in Austin over the next decade.
Nokia Corporation (ADR) (NYSE:NOK) decreased 0.89% to $5.01. The Company is planning to shut down its Mobile Financial Services business. This includes Nokia Money service launched recently in India.