NEW YORK (CNN/Money) - Technology stocks edged higher Wednesday, but Comcast Corp. shares weighed on the Nasdaq following its $54 billion offer for Walt Disney Co.

According to preliminary reports, the Nasdaq composite rose 14.33 to 2089.66. The Philadelphia semiconductor index rose 9.87 to 526.81 while the Amex technology index gained 4.70 to 736.71.

Comcast made an unexpected, unsolicited offer to acquire Disney for $54 billion early Wednesday. The deal would create the world's largest media company with Comcast taking control of all of Disney's assets, including its film studio, the ABC television network and its ESPN cable channel.

Shares of Comcast (CMCSA: Research, Estimates), the nation's largest cable operator, sank nearly 8 percent to $31.23 on the Nasdaq while Disney's (DIS: Research, Estimates) shares soared 15.7 percent to $27.85 on the New York Stock Exchange.

EchoStar (DISH: Research, Estimates) shares rose 4.2 percent to $39.28 on the Nasdaq and News Corp. (NWS: Research, Estimates) stock gained 2.4 percent to $38.60 on the NYSE on back of the announcement.

Attorneys for the Justice Department pushed the government to block Oracle Corp.'s $9.4 billion bid for PeopleSoft Inc., saying that the proposed takeover would violate antitrust laws.

Oracle said it believed the merger would eventually be cleared by regulators, although the Redwood Shores, Calif.-based company stopped short of saying whether it would challenge a ruling against the deal in court if it came to that.

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PeopleSoft's (PSFT: Research, Estimates) shares ended marginally lower to $21.50 but Oracle's (ORCL: Research, Estimates) shares gained 2.3 percent to $13.70. Both trade on the Nasdaq.

Motorola Inc., the world's No. 2 maker of mobile phones, introduced three new models , including one for the European market, that incorporate "walkie-talkie"-type features.

Motorola which has been working to defend market share in Europe in the face of heavy competition from Nokia (NOK: Research, Estimates), said the V400p phone, running on the GSM wireless standard, would feature a built-in camera, a speaker phone and MP3 ring tones.

Investors then sent Motorola (MOT: Research, Estimates) stock up 5.4 percent to $17.84 on the NYSE.  

--Reuters contributed to this report.