Markets

Technology Sector Update for 09/25/2015: RENN,JBL,SYRX

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Top Tech Stocks

MSFT +0.28%

AAPL +0.12%

IBM +0.53%

CSCO +2.44%

GOOG -1.78%

Technology stocks were slightly lower, with shares of technology companies in the S&P 500 declining 0.1% this afternoon.

In company news, Renren ( RENN ) American depository shares were narrowly lower this afternoon, reversing earlier gains after a group of private investors called for external financial and legal advisors to evaluate a July 24 going-private offer, arguing the current offer undervalues the Chinese online advertising platform by roughly 40%.

The investor group said Renren is worth as much as $6.72 per ADS compared with the $4.20-per-share offer by Board Chairman and CEO Joseph Chen, writing they "believe further upside remain above."

RENN ADS were down 0.5% at $3.05 apiece in late trade, earlier climbing as high as $3.11 per ADS.

In other sector news,

(+) JBL, Posts Q4 EPS of $0.53 tops Street view by $0.9per share. Revenue grew 15.4% to $4.68 bln, beating $4.55 bln consensus. Projected Q1 earnings of $0.72 to $0.88 per share at least $0.13 above estimates. Revenue outlook also beats expectations.

(-) SYRX, Prices 5.25 mln shares of its common stock at $1 apiece, a 60% discount to Thursday's closing price for the company's 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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