Shares of Sun Microsystems Inc., which makes computers that run networks, rose more than 5 percent on Friday as takeover speculation emerged yet again, analysts said.
"This sounds a lot more like takeover speculation more than anything else," said Roger Kay, who tracks Sun and other computer makers for market researcher IDC. "Theres nothing particularly positive thats come out from Sun recently."
Shares of Sun rose 28 cents, or 5.7 percent, to close at $5.20 on the Nasdaq, where it was the third most active issue. The shares opened at $5.48, compared with a close of $4.92 on Thursday. The stock rose 19 percent this week, its biggest gain since October 2001 and hit its highest level since July 2002.
Nearly 115 million shares exchanged hands, more than twice its average volume of 54 million shares.
"We do not comment on stock price fluctuations, but what we can say is that Sun is better positioned than at any point in its 20-year history to service the needs of customers," a Sun spokeswoman said when asked about Fridays market activity.
News source: Yahoo! News