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Technology Sector Update for 06/01/2016: BSQR,DWRE,CRM,WDAY

Top Tech Stocks

MSFT -0.38%

AAPL -0.67%

IBM -0.87%

CSCO -0.19%

GOOG +0.11%

Technology stocks were outpacing most other sectors today, with shares of tech companies in the S&P 500 climbing over 0.5%.

In company news, BSQUARE ( BSQR ) rallied Wednesday after the software firm said it was selected by a "Fortune 500 industrial company" to deploy its DataV Internet of Things software over the next three years under a multi-year contract with an initial value of over $4 million.

The company said while most of the revenue expected from the new software pact is expected to be received during 2016, the revenue will be recognized over all three years of the contract under current software revenue recognition rules.

BSQR shares were up almost 17% at $6.19 a share, previously climbing as high as $6.23 a share.

In other sector news,

(+) DWRE, (+55.8%) Agrees to $2.8 bln buyout offer from Salesforce.com ( CRM ), which will pay $75 in cash for each DWRE share, a 56.3% premium over Tuesday's closing price. Deal is slated to close by the end of July.

(-) DAKT, (-17.9%) Reports surprise Q4 net loss of $0.07 per share, missing Wall Street expectations for a $0.07 per share profit. Revenue drops 12.4% to $138.5 mln, lagging the $154.51 mln consensus.

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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