Tech Five: RadioShack struggles, Synaptics gains
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A RadioShack store sign in Philadelphia on March 25.(Photo: Matt Rourke, AP)
On this mid-week morning, RadioShack continues to struggle while competitor Best Buy, up Tuesday, is also having a tough time. How will investors respond to Google's purchase of Skybox? Here are five tech stocks to watch Wednesday.
RadioShack[1]. After taking a drubbing Tuesday, in which its stock price fell 10%, the electronics retailer started Wednesday with a slight uptick that quickly dissipated. In pre-market trading, its shares were down about 1% The electronics retailer, which has already closed stores amid repeated quarterly losses, disappointed investors Monday with a first-quarter loss of $98.3 million.
Best Buy[2]. Shares ofRadioShack competitor Best Buy got a 2.4% bounce Tuesday after its board of directors approved a 2 cent, or 12%, dividend increase. It's unclear whether that bounce will hold, because its shares dipped 1% in pre-market trading Wednesday. The company said the dividend will be payable on Oct. 2 to shareholders on board as of Sept. 11, 2014.
Google.[3] The media company said Tuesday it's buying Skybox[4], a satellite imaging company that captures very detailed landscape pictures, for $500 million in cash. The deal could improve Google's maps, Internet access and disaster relief. Rumored for weeks, it comes as both Google and Facebook are racing to buy satellite and drone companies to extend their global reach.
Facebook[5]. Investors rallied Tuesday as Facebook accidentally gave a sneak peek at its new photo- and video-sharing app, Slingshot. Its stock price jumped 4.6% by day's end, although the gain was not holding this morning in pre-market trading. The social media giant prematurely released a version of the app Monday and then took it down from the iTunes app store. It confirmed the accidental release [6] in a e-mail to USA TODAY Network, saying: "It'll be ready soon and we're excited for you to try it out." The app aims to take on Snapchat, the popular service that allows users to send disappearing messages and photos.
Synaptics Inc.[7] Shares of the Silicon Valley company, which makes chips that control touch screens and fingerprint sensors in smartphones, tablets and personal, rose 19% in pre-market trading today. The jump follows its announcement Tuesday that it would buy Renesas SP Drivers Inc., a Japanese company that is an industry leader in developing LCD displays, for roughly $475 million. Synaptics also raised its revenue outlook for the current quarter.
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References
- ^ http://www.usatoday.com/money/lookup/stocks/RSH/ (rssfeeds.usatoday.com)
- ^ http://www.usatoday.com/money/lookup/stocks/BBY/ (rssfeeds.usatoday.com)
- ^ http://www.usatoday.com/money/lookup/stocks/GOOG/ (rssfeeds.usatoday.com)
- ^ http://www.usatoday.com/story/tech/2014/06/10/google-buying-skybox-satellite-company/10284045/ (rssfeeds.usatoday.com)
- ^ http://www.usatoday.com/money/lookup/stocks/FB/ (rssfeeds.usatoday.com)
- ^ http://www.usatoday.com/story/news/nation-now/2014/06/10/facebook-accidental-release-slingshot-app/10271749/ (rssfeeds.usatoday.com)
- ^ http://www.usatoday.com/money/lookup/stocks/SYNA/ (rssfeeds.usatoday.com)