Technology
CRM

Technology Sector Update for 10/06/2016: MGT,QTM,TWTR,GOOG,GOOGL,DIS,CRM

Top Tech Stocks

MSFT +0.23%

AAPL +0.92%

IBM +0.04%

CSCO -0.24%

GOOG +0.23%

Technology stocks were holding on moderate gains shortly before today's closing bell, with shares of tech companies in the S&P 500 climbing about 0.3% in recent trade.

In company news, MGT Capital Investments ( MGT ) slumped Thursday after the cyber-security company said it has terminated a proposed $1.4 million private placement of restricted stock with an unnamed investor.

The deal would have exchanged 450,000 restricted shares price at $3 each for $1.7 million of the company's 12% unsecured promissory notes. MGT Capital said it rescinded the agreements after the New York Stock Exchange declined its plans to issue 43.8 million shares as part of a broader transaction with D-Vasive Inc.

MGT shares were down over 9% at $1.76 each in late trade, earlier drifting to a session low of $1.64 a share.

In other sector news,

(+) QTM, (+8.3%) Forecasts Q2 revenue in a range of $132 mln to $134 mln, exceeding Capital IQ consensus by at least $12.1 mln. Also sees break-even EPS.

(-) TWTR , (-18.3%) Disney ( DIS ) and Alphabet (GOOG,GOOGL) reportedly drop out of bidding process, leaving Salesforce.com ( CRM ) as the lone likely suitor.

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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