Quest Software, RIM, Zynga: Tech Winners & Losers (Update 1)
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(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.
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.
"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.
Nokia's(NOK) shares also sank 7.98% on Monday, reaching $2.19. The stock has dropped over 54% since the beginning of the year.