Sector Update: Technology

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Technology stocks are higher in afternoon trade, with shares of technology companies in the S&P 500 adding 0.3%.

In company news, BlackBerry Ltd ( BBRY ) was last down 5.6% to $7.30 a share after former co-CEO and co-founder Mike Lazaridis dropped his bid to buy the smart-phone company.

According to stock-ownership documents filed late Tuesday, Lazaridis recently sold nearly 3.17 million shares for $7.63 each, generating around $26.5 million in gross proceeds. He still owns around 26.3 million shares, or about 4.99% of BBRY shares.

Lazaridis also indicated in the filing he was ending a partnership with co-founder Douglas Fregin on a potential buyout of their former company, which officially came to an end on Tuesday - or nearly seven weeks following the company's last month concluding a review of its strategic options.

In other sector news,

(+) SPCB, (+5.0%) Completes Smart ID acquisition, forming a company with $26.2 mln in combined 2012 pro-forma revenue and EPS of $0.88.

(-) OTIV, (-1.8%) Closes sale of its Smart ID unit, pocketing $10 mln in cash. Expects an additional $7.5 mln in payments as earn-out and business milestones are achieved as well as $5 mln in performance-based milestone payments over the next three years.



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This article appears in: Investing , Commodities

Referenced Stocks: BBRY

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