Quest Software, RIM, Zynga: Tech Winners & Losers (Update 1)
By Nathalie Pierrepont - 06/25/12 - 12:08 PM EDT
Updated from 12:08 a.m. EST to provide information on Microsoft and closing prices.
NEW YORK (TheStreet
) - An unknown bidder offered to acquire Quest Software
for $27.50 per share, trumping an already agreed upon offer.
Quest Software announced
earlier this year that Insight Venture Partners
was going to acquire it for $25.75 per share, or nearly $2.17 billion. Dell
previously bid for Quest Software, but it is unknown if this new bid is from Dell.
The receipt of this superior proposal
drove shares of the enterprise management software maker up 5.63% to $27.69. At mid-day, the stock reached a 52-week high of $27.75.
is placing ads on Zynga's
-- a move that could help Facebook build an ad network to rival Google
Zynga could not be reached for comment on this article.
Shares of Facebook fell 3% to $32.06 on Monday, while Zynga climbed 1.17% to $6.07.
Research In Motion
stumbled, as Morgan Stanley
the blackberry maker from Equal-weight to Underweight with a $7 price target.
"We downgrade RIM to Underweight as we believe the only way RIM remains a viable entity is at a fraction of its current size, a transformation that erases much of its earnings power. Immediate asset sales or strategic options could unleash ~$15 per share in value, but are unlikely leaving a declining Book Value," wrote analyst Ehud Gelblum.
A RIM spokesman quashed a rumor on Monday morning that the company was considering spinning off its handset business
Shares of Research In Motion fell sharply -- 7.61% to $9.10 -- on Monday.
shares also sank 7.98% on Monday, reaching $2.19. The stock has dropped over 54% since the beginning of the year.
lowered its forecasts for handset and smartphone global growth in 2012 based on weaker demand and inventory reductions. Handset unit growth was reduced to 4% from 10% and smartphone from 38% from 42%.
After the software giant Microsoft
announced the acquisition of Yammer
, a social network tool for businesses, shares slipped 2.72% to $29.86.
--Written by Nathalie Pierrepont in New York.
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