Tech Stocks In Focus (FMCN, P, CMVT, FB, LVLT)

Focus Media Holding Limited (ADR) (NASDAQ:FMCN) jumped up 10.48% to $25.83. The Company has received a preliminary non-binding proposal letter from the affiliates of FountainVest Partners, The Carlyle Group, CITIC Capital Partners, CDH Investments and China Everbright Limited and Mr. Jason Nanchun Jiang that proposes to take over the Company for about $3.5 billion. The bidders are offering a going private transaction for $27.00 in cash per American depositary share or $5.40 in cash per ordinary share.

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Pandora Media Inc (NYSE:P) declined 2.47% to $9.86 on a traded volume of 589k shares. Morgan Stanley lowered the rating from an overweight rating to overweight rating in a research report issued to clients and investors.

Comverse Technology Inc (NASDAQ:CMVT) went up 0.88% to $5.75. The Company has signed a definitive merger agreement with its majority owned subsidiary Verint Systems Inc. Under the terms of the agreement, , Verint will acquire the CTI holding company, eliminating the current holding company structure. CTI holds approximately 41.0% of Verint's basic outstanding common shares and 100% of Verint's outstanding convertible preferred shares as of August 10, 2012. The merger agreement was approved by the board of directors of CTI and by the board of directors of Verint based on the recommendation of the special committee of Verint. 

Facebook Inc (NASDAQ:FB) went down 0.81% to $21.65 on a traded volume of 11.14 million shares. The Company disclosed that chief executive of Netflix, Reed Hastings Inc purchased about $1 million worth of Facebook stock.

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Level 3 Communications Inc (NYSE:LVLT) decreased 0.68% to $21.79. The Company has agreed to deliver additional core infrastructure services to enhance the reliability of Time Warner Cable Inc’s network under a multiyear agreement. The financial terms weren't disclosed, but the companies said they have agreed on terms and conditions under which they will exchange Internet protocol traffic between their respective backbone networks.