What the Hell’s Going On With Sun?
by John Paczkowski
Posted on January 7, 2009 at 8:03 AM PT
Who said the M&A market is dead? Sun Microsystems said this morning that it has acquired Q-layer, a company that automates cloud computing deployments. A noteworthy move for Sun (JAVA), which has been refocusing its attention on the cloud computing space–or trying to, anyway. Presumably, the company has been preoccupied with other matters these past few months–like “aligning its massive and struggling hardware business with the global economic climate” and aligning 18 percent of its workforce with unemployment benefits.
Sun shares are trading up on the news. That said, they’ve been trading higher for a few days now, inexplicably up about 20 percent versus Nasdaq, which isn’t doing nearly as well.
Odd, that, isn’t it?
Follow John on Twitter | Follow AllThingsD on Twitter
Comments
What gives? Things at ground level don’t look that good. Sun spends precious $$ and the stock goes up?
Posted by Phil Novack at January 7th, 2009 at 8:28 amSun’s stock has been rising since the new year. Best guess is because it’s laying off 15-20% of their staff later this month, and investors like the smell of blood.
Posted by Ben Carlson at January 7th, 2009 at 8:41 amPerhaps. Hell of a jump in a very short time frame, though.
Check out the chart.
Posted by John Paczkowski at January 7th, 2009 at 8:58 am