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Technology Sector Update for 09/29/2015: RNET,ACLS,TISI

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MSFT +0.21%

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Technology stocks extended their declines this afternoon, with shares of tech stocks in the S&P 500 dropping nearly 1.2% in late trade.

In company news, RigNet ( RNET ) rallied Tuesday after the remote communications company today said it received a multi-million dollar contract upgrade and extension with a "major" offshore driller.

The new, multi-year deal calls on RigNet to connect 26 additional jackup and floating rigs in the European customer's fleet, boosting the number of rigs using Rignet communication tools to 41. It also includes ongoing maintenance after the expanded network comes online.

RNET shares were up nearly 9% at $26.23 a share, earlier reaching a session high of $26.32 a share.

In other sector news,

(+) ACLS, Receives orders for its Purion M medium current implanter from three "leading" specialty chipmakers for high-volume production of image sensors, power devices and logic chips.

(-) TISI, Sees adjusted Q1 EPS of $0.22, trailing Street view looking for $0.42 per share. Projected revenue of $222 mln lags $229.40 mln consensus. Lowers FY16 EPS guidance at least $0.38 below $2.53 per share 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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