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Technology Sector Update for 11/14/2016: DGII,MENT,HEAR

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Technology stocks were paring some of their deeper losses from earlier in Monday trading, with shares of tech companies in the S&P 500 plunging nearly 1.4%.

In company news, Digi International ( DGII ) surged to a five-year high on Monday after the internet-of-things hardware producer formally rejected a $360 million unsolicited buyout offer from signal transmission specialists Belden Inc. ( BDC ), saying the proposal "significantly undervalues" the company.

In prepared remarks, the company said it was confident in its prospects as a stand-alone company, adding Digi was well positioned to continue generating profitable revenue growth.

DGII shares were up almost 16% at $5.48 each, earlier reaching their best price since July 2011 at $13.85 a share.

In other sector news,

(+) MENT, (+18.3%) Accepts $4.5 bln acquisition proposal from Siemens, which is paying $37.25 in cash for each MENT share, a 21% premium over Friday's closing price.

(-) HEAR, (-20.7%) Reduced to Neutral from Buy at B Riley & Co.

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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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