Shares of Juniper Networks , a network equipment company, were down 8% Monday after Ericsson AB and Cisco Systems Inc. announced a partnership on several projects, including wireless networks and Internet infrastructure. Investors had previously hoped Ericsson would make a deal with Juniper, but that move seemed very doubtful after the partnership. “Over the years, we had thought that Juniper would make a great acquisition target for Ericsson give the networking vendor’s strong routing and growing Ethernet switch business; however, today’s announcement makes such a transaction less likely, in our view,” Brian White of Drexel Hamilton wrote. Juniper stock fell as low as $29.19 Monday morning, 8% lower than Friday’s closing price.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News