Sector Update: Tech

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Technology stocks were mostly lower Wednesday with shares of technology companies in the S&P 500 losing almost 0.7%.

In company news, Concur Technologies ( CNQR ) leapt as much as 9% Wednesday following reports the software firm is exploring a potential sale.

CNQR shares were up 6.7% in recent trade at $107.68 apiece, earlier rising to a session high of $109.84 a share. The stock has traded within a 52-week range of $74.43 to $130.39 a share, climbing less than 2% over the past 12 months prior to today's advance.


Company officials were working with investment bankers on the sale and already have reached out to gauge interest among several possible suitors, including SAP SE ( SAP ), Bloomberg reported last night, citing people who asked not to be identified because the information is private.

CNQR also reached out to Oracle ( ORCL ), which decided not to pursue a deal, one of the people told Bloomberg.

The company makes software that helps companies and other large organization manage business travel and expenses. It is projected to generate around $691.67 million during its fiscal year ending later this month, according to Capital IQ.

In other sector news,

(+) ISNS, (+34.9%) Continues to rally on rising demand by police departments and other law-enforcement authorities for body cameras.

(-) AVNW, (-7.7%) Adjusted Q4 net loss of $0.13 per share misses consensus by $0.06. Revenue declines 21.2% year over year to $85.9 mln, beating Street view by $890,000. Q1 revenue outlook trails estimates by at least $4.04 mln.



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

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This article appears in: Investing , Commodities

Referenced Stocks: CNQR , SAP , ORCL

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