Sector Update: Info Tech; CGI Awarded New Work, Wi-LAN Unit Acquires Portfolio of Medical Patents
Information technology shares were mostly lower in afternoon trading, with the S&P/TSX Info Tech index down by 0.4%.
BlackBerry (BB.TO): -0.8%
CGI Group (GIB-A.TO): -0.1%
Celestica (CLS.TO): +0.5%
Wi-LAN (WIN.TO): -1.5%
Macdonald Dettwiler & Associates (MDA.TO): -0.4%
In corporate news, CGI Group has been awarded a contract to provide application support services to the UK's Radioactive Incident Monitoring Network. Financial terms of the contract weren't disclosed. The IT consulting company is tasked to ensure that critical monitoring services are available should a potential nuclear incident occur overseas, enabling UK authorities to monitor incidents and coordinate any required emergency response.
Meanwhile, Wi-Lan's subsidiary acquired a portfolio of medical patents that relate to Stent technology. All other terms of the agreement weren't disclosed, but the licensing company said it doesn't expect the upfront payment be material relative to its current cash position.
Finally, Dow Jones reported last night that Chinese company ZTE has been aggressively poaching talent from struggling Western smartphone makers such as BlackBerry, as it tries to expand its handset business overseas.
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