By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Technology stocks ended Wednesday on a mixed note as much of the sector gave up early gains. But Novell's shares climbed 28% after a hedge fund offered to buy the business-software maker for $1 billion.
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Novell rose $1.33 a share to $6.08 in reaction to the late-Tuesday offer from Elliott Associates of New York. The deal values Novell at $5.75 a share. Elliott currently owns 8.5% of Novell's stock. Read more on Novell.
With Novell in the lead, gains also came from Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.48% , Dell Inc. /zigman2/quotes/203822527/composite DELL +0.68% , Cisco Systems Inc. /zigman2/quotes/209509471/composite CSCO +0.47% and Google Inc. shares /zigman2/quotes/205453964/composite GOOG +1.23% .
The Nasdaq Composite Index ended the day down by a fraction at 2,280, while the Philadelphia Semiconductor Index /zigman2/quotes/210598361/realtime SOX +1.20% shed almost 1%. The Morgan Stanley High Tech 35 Index and the Nasdaq Computer Index /zigman2/quotes/210598343/realtime IXCO +0.98% also declined.
One notable decliner was online DVD rental company Netflix Inc. /zigman2/quotes/202353025/composite NFLX +1.31% , which shed $1.43 a share, or 2%, to close at $67.55.
Before the market opened, Aaron Kessler of Kaufman Bros. cut his rating on Netflix to hold from buy, and Susquehanna analyst Marianne Wolk lowered her rating to neutral from positive. Both cited valuation concerns, saying Netflix's shares had reached their recent price targets.
Other losses came from Seagate Technology /zigman2/quotes/201824240/composite STX +0.24% , Hewlett-Packard Co. /zigman2/quotes/203461582/composite HPQ +0.09% , Oracle Corp. /zigman2/quotes/202180826/composite ORCL +0.61% , IBM Corp. /zigman2/quotes/203856914/composite IBM +0.12% and Yahoo Inc. .