Technology News – Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.
Some transatlantic M&A action this morning. US credit technology firm Vantiv (VNTV) is buying Britain’s largest payment processor, Worldpay (WPG.L), in a deal valued at nearly $10 billion. This comes amid reports that JPMorgan Chase (JPM) had also approached Worldpay about a possible buyout. Shares of Vantiv were lower on the news in early trading.
Microsoft (MSFT) shares remain in focus following reports that the tech giant may lay off thousands of employees as it looks to reorganize its cloud services business. The announcement could come as early as today.
Sticking with the tech space. Nvidia (NVDA) and Chinese web services company Baidu (BIDU) are expanding their artificial intelligence partnership. Baidu said it will use Nvidia chips in its cloud computing, self-driving vehicles and home assistants. Both stocks are higher on the news in early trading.
And Nokia (NOK) is also finding a partner in China. The telecom equipment maker is teaming up with smartphone maker Xiaomi. The two companies signed a cross-licensing patent deal. Nokia will also provide network infrastructure equipment to Xiaomi. The financial details of the partnership were not disclosed.
Stocks that moved substantially or traded heavily Wednesday:
O’Reilly Automotive Inc., down $41.64 to $178.77
The auto parts company reported disappointing second-quarter sales at its older stores.
Monogram Residential Trust Inc., up $2.09 to $11.89
The luxury apartment company agreed to be acquired for $12 a share, or about $2 billion.
Vantiv Inc., down $1.49 to $61.02
The payment processor agreed to buy U.K. competitor Worldpay for about $10 billion.
Hess Corp., down $2.06 to $43.36
Energy companies skidded as the price of oil turned lower following an eight-day rally.
Tesla Inc., down $25.53 to $327.09
Investors were disappointed with the electric car company’s second-quarter production and delivery reports.
Baidu Inc., up $3.86 to $183.83
The Chinese e-commerce company said chipmaker Nvidia and dozens of other companies joined its autonomous driving project.
Skyworks Solutions Inc., up $2.19 to $97.53
Technology companies, which have struggled lately, did better than the rest of the market on Wednesday.
Fred’s Inc., down 39 cents to $7.37
The discount store chain continued to tumble after its deal to buy 865 Rite Aid stores fell through.