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Sellers got a win in today after losing six of the last 7 days. The jobless claims were not as bad as expected, and leading indicators were "less-bad" than expected. But we have had close to a 20% rally in the S&P and the DJIA off of lows from the last two weeks. Here are the unofficial closing bell levels: Continue reading Closing Bell: Bears sneak in a win (C, CSCO, DRYS, GE, TOL, VZ)
Networking giant Cisco Systems (NASDAQ: CSCO) announced today that it will purchase Pure Digital Technologies Inc. for $590 million in stock.
In addition to the acquisition fee, CSCO will pitch in $15 million in incentives for Pure Digital employees. The acquisition is tentatively scheduled for completion in the fiscal fourth quarter of 2009.
Pure Digital is best known for its Flip video miniature camcorder, which runs slightly more than $100 for the basic model and is popular with the blogging sect. (True story: mine -- bought by my early-adopter Dad in Christmas 2007 -- is sitting on my desk right now, having been borrowed by our social media team for South by Southwest Interactive coverage.)
A new version, Flip MinoHD, takes high-definition shots and costs about $210. More than 2 million Flip camcorders have been sold since the product first hit shelves.
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