OCZ Technology (OCZ) Falls as STX Rumors Don't Materialize... Yet
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OCZ Technology (Nasdaq: OCZ) is under heavy pressure after hours as a rumored takeover by Seagate Technology PLC (NYSE: STX) didn't materialize.
Rumors over the past few days had STX paying up to $1 billion in cash and stock for OCZ. Some were expecting the announcement to come as soon as tonight with STX's earnings report.
After falling 10 percent intra-day Monday, shares of OCZ are down another 10 percent after-hours. Shares were up 30 percent on Friday with rumors hot and heavy.
Rumors over the past few days had STX paying up to $1 billion in cash and stock for OCZ. Some were expecting the announcement to come as soon as tonight with STX's earnings report.
After falling 10 percent intra-day Monday, shares of OCZ are down another 10 percent after-hours. Shares were up 30 percent on Friday with rumors hot and heavy.
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