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Technology Sector Update for 02/08/2016: MCZ

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Technology stocks were sharply lower today, with shares of tech companies in the S&P 500 declining nearly 1.5%.

In company news, Mad Catz ( MCZ ) fell Monday, losing almost a third of its formal value after the Canadian software company disclosed plans to hire a new chief executive what the incumbent board chairman and chief executive quit late last week.

The move follows Friday's resignation by current CEO Darren Richardson from the Mad Catz board, which also said Thomas Brown was stepping down from his position as the chief financial officer.

MCZ shares were down nearly 26% at 28 cents apiece, or just a penny above their record low.

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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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