Sector Update: Tech
Technology stocks were narrowly lower today with shares of technology companies in the S&P 500 slipping less than 0.1% in late afternoon trade.
In company news, WPCS International ( WPCS ) tumbled Monday, falling to within five cents of its all-time low after saying it had adjourned and rescheduled a special meeting of shareholders for a second time last week to vote a set of management proposals for the engineering and technology services company because a lack of a quorum.
Among the proposals are plans to sell the company's Seattle operations, which were responsible for about 23.4% of WPCS's fiscal 2013 revenue and 35.6% of its FY12 revenue and over $700,000 in pre-tax earning during both years. The company has said it will likely need to reduce spending and find additional sources of revenue in order to eventually turn a profit.
WPCS earlier this year also announced plans to build a revenue-producing business from its recent acquisition of a Bitcoin trading platform, BTX Trader.
The company today said it adjourned its June 11 special shareholders meeting because less than half of its available shares have been voted or were available to vote at the meeting. It previously adjourned a May 30 meeting for the same reason.
WPCS shares were down 6% at 51 cents apiece late in today's session, just a penny off its intra-day low and 6 cents above its record low of 45 cents a share set May 7.
In other sector news,
(+) FIO, Agrees to $1.1 billion buyout proposal from SanDisk ( SNDK ), which is offering $11.25 a share for the data-storage firm.
(-) YHOO, Alibaba reports its quarterly operating margin fell to $45.3% from 51.3% during the year-ago quarter. YHOO will sell about 40% of its Alibaba stake during the Chinese e-commerce company's upcoming initial public offering of stock.
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