LOS ANGELES (MarketWatch) � Stock in Brocade Communications Systems Inc. pulled back Friday evening after a report said talks about purchasing the networking-equipment company have ended.
Click to Play Don't look a P/E ratio in the faceA look at the price-to-earnings ratio (P/E ratio) of stocks. Historical price-to-earnings data can be misleading because of the effect of the 2008 economic downturn. Photo: AP.
Brocade BRCD � shares were off 0.7% at $5.64 in modest volume following a report that Blackstone Group LP BX �has closed negotiations to acquire Brocade because its share price has risen too high to make a leveraged buyout attractive, Bloomberg News reported Friday, citing a source close to the matter.
Shares of Brocade, which makes switches for data-storage networks, ended the regular session down 2.2%, reducing an intraday slide of 10.3%. By the dayside close, the shares logged a year-to-date rise of 9.4%.
Ahead of evening trade, U.S. stocks closed mostly higher, with investors hesitant ahead of the long holiday weekend, during which talks to bring Greece closer to receiving a new round of bailout funds are expected to be held.
The Dow Jones Industrial Average DJIA �rose 46 points, or 0.4%, to 12,949.87, its highest close since May 19, 2008. The S&P 500 Index SPX �added 3 points, or 0.2%, to 1,361.23. The Nasdaq Composite COMP �fell 8 points, or 0.3%, to 2,951.78.
For the week, the blue chips gained 1.2%. The S&P 500 Index advanced 1.4% and the Nasdaq Composite rose 1.7%.
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