Avago Technologies Ltd on Monday said it would purchase LSI Corp for $6.6 billion in one of the semiconductor industry's largest deals this year as it turns to the fast-growing storage chip market to counter volatility in its main wireless business.Rapid growth in cloud storage is boosting sales of higher-margin products for storage drive makers such as Seagate Technology Plc, LSI's biggest customer last year.Avago's shares rose as much as 11 percent to an all-time high of $50.55 on Nasdaq, while LSI jumped 39 percent to $10.99, below the $11.15-per-share cash offer. Seagate and technology peer Western Digital Corp both gained about 3 percent.The Avago acquisition is the second-largest deal in the industry this year after Applied Materials Inc said in September it would buy rival Tokyo Electron Ltd in an all-stock transaction valued at more than $7 billion.
Applied Materials, Inc. (Applied) provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic (PV) and related industries. Shares of AMAT traded higher by 0.33% or $0.055/share to $16.76. In the past year, the shares have traded as low as $10.99 and as high as $18.18. On average, 13005300 shares of AMAT exchange hands on a given day and today's volume is recorded at 7556403.
Seagate Technology plc (Seagate) is the provider of electronic data storage products. Shares of STX traded higher by 3.33% or $1.665/share to $51.66. In the past year, the shares have traded as low as $27.70 and as high as $51.73. On average, 3568910 shares of STX exchange hands on a given day and today's volume is recorded at 1689490.
Western Digital Corporation (Western Digital) is a developer and manufacturer of storage solutions, which enables people to create, manage, experience and preserve digital content. Shares of WDC traded higher by 3.21% or $2.54/share to $81.59. In the past year, the shares have traded as low as $37.74 and as high as $79.89. On average, 2083670 shares of WDC exchange hands on a given day and today's volume is recorded at 1899760.
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