Chinese firm buys 15% of Western Digital

October 01 00:02 2015

Wall Street and investors have plenty to digest after a dizzying Tuesday in technology that included developments in high-tech vehicles from Google and Tesla. There’s no lull in sight as news of another major Chinese investment in U.S. tech kicked off Wednesday’s action.google-building-441

Western Digital. Shares of the Irvine, Calif. data storage company were up nearly 12% in early trading Wednesday after it announced that Chinese information company Unisplendour would invest more than $3.7 billion to acquire about 15% of the company. The “near term positive” deal led RBC Capital Markets analyst Amit Daryanan to rate Western Digital as “over perform” with a $94 price target. The funds could signal “an appetite to do deals,” he said noting that an acquisition of Sandisk has been rumored.

Google. The search and Android software giant on Tuesday showed off an array of new products including new Nexus smartphones, an updated Chromecast and gave the press its first chance inside Google’s self-driving car. Shares of Google were up more than 1% in pre-market trading Wednesday after closing down slightly Tuesday. Marketwatch noted the similarities between the product pushes of Google and Apple. “The big difference between the two companies’ new offerings is price, with Google undercutting Apple across the board.”

Tesla. Shares of the luxury electric auto maker were up more than 1% in pre-market trading Wednesday after the company unveiled its long-awaited electric crossover Model X, which has a built-in “bio weapon defense mode” should you encounter biohazards.

NVIDIA. In addition to officially launching its GeForce Now cloud gaming service today, the graphics chip maker announced that Microsoft’s Azure Cloud Computing platform would be using NVIDIA’s Grid chipset. Earlier in the week, Pacific Crest analyst Michael McConnell told Benzinga that NVIDIA is among the five semiconductor stocks to love because it is is seeing share gains versus peers.

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