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Sector Update: Technology

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Technology stocks were posting small declines today.

In company news, Applied Micro Circuits Corporation ( AMCC ) shares rallied Tuesday after analysts at Canaccord Genuity initiated coverage of the chipmaker with a Buy rating and a $16 a share price target.

In a new research note today, Canaccord analyst Matthew D. Ramsey wrote that AMCC was "well positioned as the first vendor the market with 64-bit ARM processors designed specifically for the enterprise server market."

AMCC shares were up about 11% at $11.40 each in late trade, earlier climbing to a session high of $11.50 a share. The stock has a 52-week range of $7.64 to $15.09 a share, posting a 44.5% gain over the past 12 months.

In other sector news,

(+) ATEA, Wins contract with a unnamed global IT-services company in France to strengthen and improve efficiencies of its service supply chain business, with an ATEA reseller, Six-Axe Consultants, responsible for execution and support.

(-) EBAY, David Marcus, the president of EBAY's PayPal unit, leaves the online auction company to become the vice president of messaging products at Facebook ( FB ).

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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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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