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Sector Update: Tech Stocks Stretching Out Monday Gains; Mitek Sytems Slammed After Judge's Pre-Trial Rulings

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Technology stocks were posting strong gains Monday with shares of technology companies in the S&P 500 rising more than 0.9%.

In company news, Mitek Systems Inc. ( MITK ) slid to a five-year low Monday after a federal court judge late Friday sided with USAA in a legal fight between the two mobile imaging software firms, granting a motion to dismiss MITK's patent infringement claims against USAA on four of its patents.

The judge also allowed USAA's suit against MITK alleging breach of contract and fraud to move forward, with a court trial now slated to begin Sept. 8.

Separately, MITK late Friday also disclosed that Michael Strange, the company's chief technology officer, was leaving the company to "pursue other opportunities."

MITK shares were down nearly 19% in late trade at $2.46 apiece, earlier falling to a low of $2.15 a share, its lowest share price since September 2009.

In other sector news,

(+) MOBI, Reports Q2 earnings of RMB0.28 per share, or $0.04 per ADS, on 35.9% year-over-year revenue growth to around $27.4 mln. For the current quarter, the company expects revenue in a range of $32.6 mln (RMB200 mln) to $34.2 mln (RMB210 mln).

(-) NXPI, Cut to Sell from Neutral at Goldman Sachs.

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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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