By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Acquisitions by AT&T Inc. and
Raytheon Co., as well as anticipation over quarterly results from
the likes of Adobe Systems Inc., highlighted action in the tech
sector Monday, kicking off a holiday-shortened week in U.S.
markets.
AT&T (T) said it would pay almost $2 billion to acquire a
block of 700-megahertz wireless spectrum from Qualcomm Inc. (QCOM).
AT&T intends on using the spectrum to build up its 4G wireless
network.
AT&T shares slipped 8 cents to close at $29.13, while
Qualcomm gave up 2 cents to end the day at $49.44.
Raytheon (RTN) said it would pay $490 million in cash to buy
Applied Signal Technology Inc. (APSG), which is known for building
intelligence and surveillance systems for governments and
militaries.
EBay Inc. (EBAY) also announced it would acquire German online
shopping club brands4friends for $200 million. EBay shares fell 21
cents to close at $29.58
NetApp Inc. (NTAP) shares gained $1.55, or almost 3%, to close
at $55.35. Before the market opened, Stifel Nicolaus analyst Aaron
Rakers raised his rating on the data-storage technology company to
buy from hold, due to opportunities in the storage market.
Among companies reporting quarterly results after the market
close, Adobe (ADBE) rose 39 cents to $29.18; Jabil Circuit Inc.
(JBL) rose 19 cents a share to $17.66; and Paychex Inc. (PAYX) shed
34 cents a share to close at $30.68.
The Nasdaq Composite Index (RIXF) rose 6.6 points to end the day
at 2,649.