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TECHNOLOGY
DRS rejects hostile bid from L-3
DRS Technologies jumped 16% to 37 after it disclosed it turned down an unsolicited proposal from defense contractor L-3 Communications for $42 a share in cash, a 32% premium to its shares on Wed. DRS, which makes equipment for U.S. Navy combat ships, said the offer wasn't in its shareholders' interest. L-3, which makes bomb-detection equipment for airports and train stations, has purchased more than 50 companies in the past 5 years. L-3 fell 2.5% to 65.20.
Amkor warning pulls down rivals
The provider of semiconductor assembly and test services cut its Q2 profit outlook to 6 cents a share vs. 10 cents expected, citing weaker-than-expected sales of high margin products. Shares in Amkor Technology fell 29% to 5.79. Applied Materials dropped 3% to 19, KLA-Tencor fell 4.5% to 47.16, Novellus Systems dropped 3.3% to 30.40 and Teradyne fell 6.3% to 21.28.
Emulex warns, competitors fall
The provider of networked storage products expects to make 18 cents a share in Q4, far short of ...