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Technology Sector Update for 01/13/2016: ARW, CDNS, CYBR, CHKP, TWTR

Top Tech Stocks

MSFT -1.52%

AAPL -1.85%

IBM -1.02%

CSCO -2.56%

GOOG -2.47%

Technology stocks were finishing near their session lows this afternoon, with shares of tech companies in the S&P 500 sinking over 1.9%.

In company news, Arrow Electronics ( ARW ) fell to a 17-month low on Wednesday with shares of electronic components company generating little traction despite an afternoon announcement of a new collaboration agreement with Cadence Design Systems Inc. ( CDNS ).

Under terms of the agreement, engineers be able to use Cadence's printed circuit board design tools through the SiliconExpert database. The collaboration also allows Arrow's engineering teams to add the OrCAD suite of design tools to their portfolio.

ARW shares were down over 2% to $47.24 each, falling to their lowest price since August 2013 at $47.07 a share soon after the early afternoon announcement. CDNS shares also were down about 2% at $18.70 apiece, extending a nearly day-long slide, although the stock has rebounded somewhat after a recent decline to $17.48 a share.

In other sector news,

(+) CYBR, Reportedly engaged in initial merger talks with Check Point Software Technologies ( CHKP ), according to an Israeli financial newspaper, the Marker, citing unnamed sources.

(-) TWTR , Mizuho Securities begins coverage with a Neutral rating and $21 price target, saying TWTR needs to produce sustained user growth, better product execution and margin improvement before getting more "constructive" on the stock.

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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