Sector Update: Tech


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Technology stocks were mostly lower today with shares of technology companies in the S&P 500 retreating almost 1.0%.

In company news, InvenSense ( INVN ) shares declined Tuesday after the producer of motion-tracking devices used in consumer electronics announced a pair of deals intended to position in sensor technology. Its shares fell more than 7%.

Combined cost of motion processor Movea and geo-location firm Trusted Positioning will be $81 million, INVN said. The deals are expected to close before the end of the current quarter in September.

INVN shares recently were off 6.2% at $22.49 each, bouncing back from a session low of $22.06 a share. The stock has a 52-week range of $14.99 to $24.60 a share, slipping about 7.2% over the past 12 months.

In other sector news,

(+) DOX, Israel's largest cellular operator selects DOX's CES 9.1 software and services portfolio to replace its existing customer-relations management system, consolidating those operations across wireless, wireline, Internet and international-calling lines.

(-) ACTS, Cuts Q2 revenue guidance by at least $3 mln to around $12 mln, blaming reduced demand for its chips from whitebox tablet manufacturers as well as new competition entering the market.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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