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Technology Sector Update for 03/30/2016: DRWI,DWI.TO,MITL,MNW.TO,MU,FORM

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Technology stocks were finishing Wednesday trading with outsized gains, with shares of tech companies in the S&P 500 increasing about 2.4%.

In company news, DragonWave Inc (DRWI,DWI.TO) rose for a third day in a row Wednesday, with shares of the networking equipment company saving their biggest gains for today after launching a new eCommerce platform intended to streamline ordering and delivery of its parts and other accessories needed to maintain microwave radios.

The company said it sees the new eCommerce site as complementing its current distribution and reseller network, adding it sees as those existing channels as continuing to generate the majority of DragonWave sales.

Entering today's session, DragonWave's stock had all but erased a nearly 12% one-day slide last week, including a 10% advance on Tuesday after the company announced a new partnership with Mitel Networks (MITL, MNW.TO) to develop fifth-generation networking tools.

DRWI shares were up nearly 43% in late afternoon trading today at $3.48, topping $3 a share for the first time since Dec. 10, 2015, on a split-adjusted basis, and easing from an 80% mid-morning jump today to $4.39 a share. DWI.TO shares also were higher, climbing about 38% to C$4.48 a share at the Toronto Stock Exchange.

In other sector news,

(+) MU, Needham & Co. downgrade to Underperform from Hold, also reducing EPS forecast ahead of earnings call later Wednesday night, citing a weak PC market hurting DRAM chip pricing.

(-) FORM, Now expects Q1 net loss of $0.12 to $0.10, down from prior guidance expecting net income of $0.03 to $0.07 per share profit and lagging the $0.05 per share profit consensus. Sees $53 mln to $54 mln in revenue, missing Street by at least $14.12 mln.

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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