Sector Update: Technology

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Technology stocks are narrowly lower, with shares of technology companies in the S&P 500 slipping about 0.1% in afternoon trade.

In company news, xG Technology ( XGTI ) is down nearly 20% at $3.62 a share, getting no help from the Federal Communication Committee certifying its xAP component, the final step needed for the company to begin shipping its xMax cognitive network.

XGTI estimates the backlog for xMax network equipment and services totals more than $35 mln.

In other sector news,

(+) BBRY, (+4.4%) Reportedly in talks with Cisco Systems ( CSCO ), Google Inc ( GOOG ) and SAP ( SAP ) about selling all or part of the smartphone company, according to people with knowledge of the situation.

(-) IBM, (-1.0%) Barclays downgrade to Equal-Weight from Overweight, with analyst Ben Reitzes writing in a new research note Big Blue could see some of its business affected by threats from cloud computing and software as a service.



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: CSCO , GOOG , SAP , XGTI

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