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Sector Update: Technology

Posted
9/23/2013 3:54:00 PM
By: MT Newswires
Referenced Stocks:AAPL;BPHX;ORCL

Technology stocks are higher today with shares of technology companies in the S&P 500 advancing around 0.3%, supported by a 5.2% gain for sector heavyweight Apple ( AAPL ) after it said it sold about 9 million of its new iPhone models this weekend - a 50% bulge over most market expectations.

In company news, BluePhoenix Solutions ( BPHX ) is up 3.6% to $4.36 a share, earlier climbing as high as $4.63 today after rolling out a new software suite intended to reduce costs of mainframe deployments and removing the risk of integrating legacy data with modern Oracle ( ORCL ) databases.

The new technology was developed in conjunction with ORCL's technical architecture team to link old and new data for business intelligence and "Big Data" analytics. ORCL is down 0.2% at $33.99 a share this afternoon.

In other sector news,

(+) BBRY, Agrees to $9-a-share buyout offer from a consortium led by its biggest shareholder, Fairfax Financial Holdings Ltd (FFH.TO). Overall value of the deal is $4.7 billion.

(-) PSMI, Cut to Hold from Buy at Canaccord Genuity, which also reduced its price target by $3 to $10 per share.