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CNBC Reporter
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After the close, tech giant Hewlett-Packard [HPQ
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] announced it will acquire networking provider 3Com [COMS
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] for $2.7 billion in an all-cash deal.
3Com shareholders would get $7.90 per share, a 39 percent premium from today's close, while the merger would expand H-P's networking offerings to compete more with Cisco Systems [CSCO
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3Com began trading shortly after the announcement at $7.69, up from $5.69 at the close.
Concurrently, Hewlett-Packed announced better-than-expected preliminary Q4 earnings ($1.14 vs. $1.11 consensus), propelled by "significant growth in China."
Guidance for Q1 2010 is also ahead of estimates, while the Dow component also raises its full-year 2010 earnings and revenue forecast.
Add this on to positive comments from IBM [IBM
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] recently, and there is little doubt that tech orders are improving.
But is it enough? HPQ has DOUBLED since the March bottom (from $25 to $50), and is not far from its all-time high of $68 in July 2000.
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- The Dow 30 in Real Time
- Hewlett-Packard to Acquire 3Com for $2.7 Billion in Cash
- HP Raises 2010 Outlook
- The CNBC Stock Blog
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POPULAR TRADER TALK POSTS
- Stocks Lurking Near New Highs Again
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
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