Technology Sector Update for 03/18/2016: GVP,WDC,JBL

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Top Tech Stocks

MSFT -2.02%

AAPL +0.03%

IBM -0.15%

CSCO -0.39%

GOOG -0.45%

Technology stocks have given back all of their slight gains from earlier today, with shares of tech companies in the S&P 500 recently dropping about 0.1%.

In company news, GSE Systems Inc. ( GVP ) shares were surging Friday, climbing to their best price in more than five years after the business software company announced a repeat contract award from an existing client to build three more simulator stations for its nuclear power plants in the southern United States over the next 18 to 24 months.

The company estimates the new contract will increase its current backlog by around 60% to $75 million. Work on the projects will start immediately, its said.

GVP shares were up neraly 8% at $2.90 apiece, earlier climbing to their highest level since February 2011 at $3.08 a share.

In other sector news,

(+) WDC, (+6.1%) Discloses plans for a $1.5 bln offering of senior secured notes along with a separate $4.1 bln offering of senior unsecured notes. Net proceeds - together with proceeds from other financing transactions - will fund proposed acquisition of SanDisk ( SNDK ).

(-) JBL, (-1.9%) Cut to hold from buy in a downgrade today at Argus.

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

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This article appears in: Technology , Commodities
Referenced Symbols: GVP , WDC , JBL

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