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Technology Sector Update for 12/23/2015: AVID,SBGI,ROVI,BBOX

Top Tech Stocks

MSFT +0.78%

AAPL +1.26%

IBM +0.34%

CSCO +1.82%

GOOG -0.13%

Technology stocks closed mostly higher this afternoon, with shares of tech companies in the S&P 500 rising about 0.7%.

In company news, Avid Technology ( AVID ) rallied Wednesday after the digital media content production company ( AVID ) announced a strategic partnership with television station operator Sinclair Broadcast Group Inc. ( SBGI ) to standardize content creation and distribution between Sinclair's 64 local newsrooms using its Avid Everywhere platform.

Although the companies declined to disclose specific financial details of the pact, Avid said the new, 10-year contract was its largest ever as well as uniquely addressing Sinclair's business needs and replacing legacy technology from other vendors.

AVID shares rose more than 17%, closing at $7.34 each, staying within 10 cents of their session high. SBGI also finished higher, rising almost 3% to $32.42 a share.

In other sector news,

(+) ROVI, Renews seven-year patent license agreement with AT&T ( T ) to provide entertainment content to the telecom. Deal also extends existing product agreements between the companies.

(-) BBOX, Chief Executive Michael McAndrew announces plans to leave company as soon as a successor can be identified and hired.

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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