On the heels of news that Oracle Corp. (ORCL) is making a hostile $6.7 billion bid to buy BEA Systems Inc. (BEA), the San Jose software firm’s shares rose in mid-afternoon trading Eastern Standard Time to $18.93, a gain of more than 18 points and 38 percent. The gains, which topped the $17-a-share offer, reflected speculation that rival bidders will appear, according to a Bloomberg News report. BEA rejected the offer, the report said.
Redwood City-based Electronic Arts Inc. (ERTS) was also up 2.65 points to $61.34.
Milpitas-based SanDisk Corp. (SNDK) continued its declines in mid-afternoon trading Eastern Standard Time, with the share price down more than a point, or 2.59 percent.
The Dow, Nasdaq and S&P 500 were all up as of 2:38 Eastern Standard Time. The Dow was up more than 70 points, Nasdaq up more than 30 points and S&P 500 up more than 6 points.