Power Plays – the 8 Hottest Stocks Dominating the Tech Sector

Posted by on Sep 02, 2010 | No comment

Google Inc. (NASDAQ: GOOG) and AOL Inc. (NYSE: AOL) today announced the renewal of their partnership for another five years. The partnership is one of the longest running in Internet history.

Eric Schmidt, chairman and CEO of Google Inc., said that the company is excited to deepen its partnership with AOL Inc., which combines the company’s expertise in search and advertising with AOL’s strength in online content.

Apart from the renewal of partnership with AOL, Google is also actively acquiring small start ups this year. The company also acquired ITA Software for $700 million. The ITA acquisition is the fourth largest in Google’s history. Google, currently, has a consensus analyst recommendation of Outperform.

Another technology giant dominating the news is Apple Inc. (NASDAQ: AAPL). The Cupertino, California-based technology company currently finds itself in a very comfortable position with almost $46 billion in cash on its balance sheet.

In a research report released today, Needham & Company reiterated its Buy rating on Apple, with a price target of $375. According to Needham, Apple renewed its lineup of iPods as expected.

Needham & Company is also recommending a Buy rating for VMware Inc. (NYSE: VMW), the Palo Alto, California-based technology company. Needham raised its price target for VMware Inc. from $83 to $90. Needham said in its report that the price target for VMware has been raised after encouraging partner discussions at VMworld.

Meanwhile Caris & Co. said that VMware is doing an excellent job in bringing together its external and internal investments to build on its momentum in the server visualization market. Caris said that it sees some clear improvements in VMware’s View 4.5; however, it continues to believe that Citrix Systems Inc. (NASDAQ: CTXS) is sitting comfortable in the top position in the desktop market. Caris & Co. has a Buy rating on Citrix Systems Inc.

Finally, the takeover battle for 3PAR Inc. (NYSE: PAR) seems to coming to an end, with Hewlett-Packard Company (NYSE: HPQ) all set to win the bidding war. HP raised its offer for 3PAR Inc. to $33 per share, topping Dell’s (NASDAQ: DELL) latest offer of $32 per share. In a statement today, 3PAR Inc. said that it notified Dell of its plan to terminate their merger agreement.

The takeover battle, which started on August 16 after Dell offered 3PAR Inc. $18 per share, is coming to an end after many twists and turns.

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