BlackBerry Booms, Zynga Zooms: Tech Winners & Losers
NEW YORK (TheStreet) -- BlackBerry (BBRY) shares soared 11% to $11.23 on renewed speculation that the company could be a takeover target by Lenovo.
In an interview with France's Les Echos, Lenovo's CEO Yang Yanqing said that BlackBerry's portfolio could make sense as an acquisition candidate eventually.
A translation from Google Translate shows the CEO is thinking about additional ways to growth the company. "External growth is all about opportunities. You can not rely solely on it to develop. So we will rely primarily on our own forces, while remaining vigilant on the market and its players. As for BlackBerry, the file could possibly make sense. But first I have to analyze the market well and understand what is the exact weight of this company."
Wunderlich Securities analyst Blake Harper mentioned Zynga as a potential acquisition target for Yahoo!, given its small market cap. TheStreet opined on this very matter on Friday, saying Zynga could potentially make sense for the Internet giant.
Other names that were mentioned as possibilities include Yelp (YELP) , and Pinterest.
Apple (AAPL) shares rose 1.2% to $436.80 despite another yet equity analyst cutting its price target and downgrading the Cupertino, CA. company's shares.
CLSA analyst Avi Silver downgraded Apple to "outperform" from "buy," lowering his price target to $505 from $575. Silver cited weaker iPhone trends as the primary reason why Apple's shares have been so weak in recent months.
Silver also cut his earnings estimates in the maker of the iPad for fiscal year 2014 to $46.62 a share from $51.71 while noting he expects the company to quicken its pace of new products later this year to help Apple return to historica growth levels.
Shares spiked on rumors circulating social media sites including Twitter that the company would pay a special one-time dividend of $30, as it looks to return some cash to shareholders. Apple's cash hoard has prompted the ire of activist investor David Einhorn, who is insisting the company issue preferred stock, dubbed iPrefs, to allow investors to benefit from Apple's $137 billion in cash.
Einhorn's Greenlight Capital dropped a lawsuit against Apple earlier this month.
Closing prices: BBRY closed up 14.1%, or $1.84, to $14.90; YHOO fell 1.3%, or 30 cents, to $22.60. ZNGA rose 10.1%, or 36 cents, to $3.93. AAPL rose 1.4%, or $6.15, to $437.87.
--Written by Chris Ciaccia in New York
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