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The Apple Inc. logo is seen in the lobby of New York City's flagship Apple store. (MIKE SEGAR/REUTERS)
The Apple Inc. logo is seen in the lobby of New York City's flagship Apple store. (MIKE SEGAR/REUTERS)

The close: Tech stocks swing wildly as indexes idle Add to ...

Technology stocks took centre stage on Monday, as investors rushed into Research In Motion Ltd. and Dell Inc., but sent Apple shares stumbling toward $500 (U.S.) – creating excitement even as major indexes ended the day relatively unchanged.

The S&P 500 closed at 1470.68, down 1.37 points or 0.1 per cent. The blue-chip Dow Jones industrial closed at 13,507.32, up 18.89 points or 0.1 per cent and marking its fourth straight gain. In Canada, the S&P/TSX composite index closed at 12,603.09, up 0.91 point or almost zero per cent.

Apple fell 3.6 per cent, closing at an 11-month low of $501.75, after the Nikkei newswire reported that the company had cut back on production plans for its iPhone. That raises concerns about fading interest in the smartphone as competitors ramp up their offering.

Apple’s loss was RIM’s gain. Research In Motion bounced 10.4 per cent, continuing a rally that began on Friday when the company confirmed the launch of its BlackBerry 10 platform at the end of the month.

Dell Inc. surged 13 per cent after Bloomberg News reported that the computer maker was in talks with at least two private equity firms to take the company private. Dell has not commented on the report.

Canada’s stock market activity was defined by resource deals.

Uranium One Inc. rose 14.5 per cent after it accepted a $1.3-billion deal from Russia’s state uranium firm to take the company private at a 19 per cent premium to the stock’s closing price on Friday. Russia’s ARMZ already owns 51.4 per cent of Uranium One.

Harry Winston Diamond Corp. rose 4.4 per cent after it announced a deal to sell its jewellery division to Switzerland’s Swatch Group Ltd. for $750-million.

Aurizon Mines Ltd. surged 33.4 per cent after Alamos Gold Inc. offered $4.65 (Canadian) a share for the company, marking a 36 per cent premium. Alamos already owns 16 per cent of the company.

Meanwhile, Lululemon shares are down about 7 per cent in the U.S. post market after the retailer boosted its outlook for its fourth quarter, which ends next month. The revised outlook on revenues was still slightly below the Street consensus.

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