US Tech Stocks Trade Higher; Microsoft To Play Hardball
Last Update: 2/19/2008 10:23:13 AM
By Dan Gallagher
Microsoft Corp. (MSFT) led tech stocks higher Tuesday morning as the software
giant signaled its intention to play hardball in its quest to acquire Yahoo Inc.
(YHOO).
Microsoft shares were up 1.7% in early trading, to $28.78. Chairman and
co-founder Bill Gates told the Associated Press in an interview that the company
was not discussing a higher offer for Yahoo after the Internet portal rejected
its initial $31-a-share offer. Gates called the original bid “a fair offer” and
suggested that Yahoo’s board of directors “take a hard look at it.”
In addition, the New York Times issued a report - citing unnamed sources - that
Microsoft is preparing a proxy battle to replace Yahoo’s board. Yahoo shares were
down 1.6% in early trading to $29.18
The Nasdaq Composite Index recently was up 0.8% at 2340.94 while the Morgan
Stanley High Tech 35 Index was up 0.9%. The Philadelphia Semiconductor Index was
trading flat in the early hours.
Tech shares followed gains in the broader market, with the Dow climbing 128.79 to
12477 after the opening bell.
Apple Inc. (AAPL) rose 0.6% to $125.40 after the company cut the price on its 1GB
iPod Shuffle from $69 to $49 and introduced a 2GB version of the device.
Shares of Hewlett-Packard Co. (HPQ) were up 2% to $44.75 ahead of the tech
heavyweight’s next quarterly earnings report, due after the closing bell.
-Dan Gallagher; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 19, 2008 10:23 ET (15:23 GMT)
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