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Technology Sector Update for 10/20/2015: ENPH,FLEX,RMBS

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MSFT +0.13%

AAPL +1.77%

IBM -5.74%

CSCO +0.34%

GOOG -2.62%

Technology stocks were trending lower today, with shares of technology companies in the S&P 500 posting a 0.3% decline.

In company news, Enphase Energy ( ENPH ) tumbled Tuesday after the specialty chipmaker today was reduced to Sell from Hold at Deutsche Bank, which also halved its price target for the stock to $3 a share.

In a new research note, Deutsche Bank analyst Vishal Shah said Enphase remains at risk of losing ground to rival Solar Edge, with rising pricing pressure undermining any benefit from the company's rapid growth among certain smaller customers.

ENPH shares were down nearly 22% at $3.89 apiece this afternoon, earlier dropping to a session low of $3.82 a share.

In other sector news,

(+) FLEX, (+8.0%) Reports Q2 EPS of $0.27 per share on $6.31 bln in revenue, topping analyst estimates by $0.02 per share and $150 mln, respectively. Expects Q3 earnings of $0.28 to $0.34 per share, in-line with Street expecting $0.28 per share.

(-) RMBS, (-26.8%) Q3 revenue rises 6% over year-ago levels to $73.8 million, trailing Capital IQ consensus expecting $76.2 million. Projected Q4 revenue lags Street view. Also announces plans to trim about 8% of its current workforce.

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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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