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Technology Sector Update for 10/06/2015: OIIM,PMCS,RDWR

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MSFT +0.58%

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CSCO +1.55%

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Technology stocks were edging lower today, with shares of technology companies in the S&P 500 dropping about 0.2%.

In company news, O2Micro ( OIIM ) tumbled Tuesday after the electronic components manufacturer lowered its Q3 sales guidance by as much as 10% from its prior outlook to a new range of $13.5 million to $13.8 million, trailing the Capital IQ consensus expecting around $15.67 million in revenue.

The company blamed weaker than anticipated sales to its major customers in its television and monitor units, saying they were maintaining smaller inventories than usual because of market conditions. O2Micro will report financial results for the three months ended Sept. 30 on Nov. 4.

OIIM shares were down nearly 14% at $1.95 apiece, or just 2 cents above its session low.

In other sector news,

(+) PMCS, Agrees to $2 bln buyout offer from SkyWorks ( SWKS ), which will pay $10.50 for each PMCS share, a 36.5% premium over Monday's closing price for the stock.

(-) RDWR, Trims Q3 revenue forecast to $48 mln from prior view looking for $57 mln to $59 mln and trailing the $57.98 mln consensus. Also cuts EPS outlook to $0.10 from $0.23 to $0.24 per share, missing $0.24 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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