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.



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This article appears in: Investing , Commodities

Referenced Stocks: INVN

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