Monday, August 23, 2010

3PAR Surges as HP Enters the Fray with Dell


A potential bidding war between the tech heavyweights juices the firm's shares.

Hewlett-Packard said Monday it has submitted a bid to acquire 3PAR for $24 in cash, for a total of $1.6 billion. The bid is a 33% premium above the $18 per share Dell offered last week.

Shares of 3PAR are higher by 42%. Compellent Technologies, which is a provider of enterprise-class network storage solutions, is up 10.25%. CommVault, a data management software company, is up 13.6%. Isilon Systems ( ISLN - news - people ) is also higher on the 3PAR news, up 11.9%.

On 10 times average daily trading volume, Texas Pacific Land Trust  ( TPL -  news  -  people ) is up 13.8% today. And on more than 13 times average daily trading volume, SinoCoking Coal and Coke Chemical Industries is up 21%.