Technology Sector Update for 06/16/2016: CTAS,GOOG,GOOGL,QLGC,CAVM

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Top Tech Stocks

MSFT +1.35%

AAPL +0.51%

IBM +0.21%

CSCO +0.75%

GOOG -1.33%

Technology stocks were holding on to their modest gains this afternoon, with shares of tech companies in the S&P 500 advancing about 0.3%.

In company news, Cintas Corp ( CTAS ) was edging higher this afternoon after the uniform company earlier Thursday announced a joint collaboration with Alphabet's (GOOG,GOOGL) Google unit to further development of "smart garments."

The companies will work together to advance use cases in work environments, wirelessly connecting them to devices, software platforms and cloud services. The Google technology allows conductive fibers to be woven into textiles, with the company recently demonstrating the new technology at its yearly developers conference, Google I/O.

CTAS shares were up about 0.6% at $94.57 apiece, matching their session high. GOOG shares were moderately lower in late trade, falling about 1.5% to $708.00 each, recovering from an prior slide to $703.26 a share.

In other sector news,

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

(-) DDD, 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: CTAS , GOOG , GOOGL ,

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