Technology Sector Update for 01/31/2017: DDD,AVID,RMBS

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Technology stocks declined again as worries over the potential impact of new U.S. immigration regulations continued to weigh on an industry with a large number of foreign-born employees. At last look, shares of tech companies in the S&P 500 were down about 0.5%.

In company news, 3D Systems ( DDD ) pared its earlier slide and turned narrowly higher this afternoon after the 3-D printer and accessories company today said it has purchased Verte-Global Holding BV, a Dutch provider of dental materials sold under the Vertex and NextDent brands, for an undisclosed price.

The company said it expects the acquisition to immediately add to its non-GAAP per-share earnings and cash generation. NextDent already has developed a dozen 3D printing materials for dental applications and has obtained regulatory approvals to use those materials in more than 70 countries.

It also plans on continuing to sell and service the acquired company's existing customers with CEO Rik Jacobs and several other NextDent and Vertex Dental executive staying with the combined operations after the deal closes.

DDD shares were up about 0.5% in late trade at $16.49 apiece, or just a penny off their session high after earlier sinking to an intra-day low of $16.04 a share during the first hour of Tuesday trading.

In other sector news,

(+) AVID, Begins new three-year partnership with channel partner Beijing Jetsen Technology, which becomes the exclusive distributor of Avid products in much of China and will invest $18.1 mln through a private placement priced at current market levels.

(-) RMBS, Reports GAAP Q4 net loss of $0.03 per share, reversing $0.11 per share profit last year and upstaging Q4 revenue rising 27% to $97.6 mln, beating analyst mean by $1.6 mln. Non-GAAP EPS of $0.16 matches Street view. Guides Q1 results in-line with expectations.

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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