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After Hours Fireworks in Tech Sector

The after hours session was dominated by big moves in the technology sector focused on Research In Motion (RIMM) and Oracle (NYSE:ORCL).

Research in Motion (RIMM) zoomed 7% in after hours action on word that it had rejected takeover talks from Amazon.com and others last summer. The company has been under heavy pressure to sell itself from major shareholder Jaguar Financial Corporation which is getting impatient with slipping shareholder value. The company has been on the rocks for months with a more than 70% decline in market value this year.

Oracle (ORCL) was on the other end of the pricing spectrum in the after hours with its stock dropping nearly 10% after the bell. The company reported weak sales and revenue and an earnings miss that showed slowing sales in both its hardware and software businesses.

The tech sector ETF (NYSEARCA:XLK) seemed relatively unfazed by the news and remained mostly flat after the bell.

Disclosure: Wall Street Sector Selector actively trades a wide range of exchange traded funds (ETFs) and positions can change at any time.

Source: After-Hours Fireworks In Tech