Technology Sector Update for 06/16/2016: AUDC,QLGC,CAVM

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MSFT +1.20%

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Technology stocks were back near even for today's session, reversing earlier declines, with shares of tech companies in the S&P 500 slipping about 0.1% in recent trade.

In company news, AudioCodes Ltd ( AUDC ) gained Thursday after the voice and data networking equipment company today launched a self-tender offer for up to 3 million of its common shares at $4.35 apiece, a 13.6% premium to Wednesday's closing price.

If investors tender all of the shares the company is willing to accept through the $13.05 million offering, the company will reduce the number of its outstanding shares by 8.2%, it said.

AUDC shares were up slightly more than 7% at $4.10 apiece, earlier reaching a session high of $4.18 a share.

In other sector news,

(+) QLGC, (+9.7%) Agrees to $1.36 bln buyout offer from Cavium ( CAVM ), which will pay about $15.50 for each QLGC share, a 14.5% premium to yesterday's closing price.

(-) DDD, (-2.2%) Hires Kodak CFO John McMullen to be chief financial officer, effective July 1. He replaces David Styka, who will remain with company to provide management with operational and financial support.

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: AUDC ,

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