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Technology Stocks Pulling Back To Near Even; ARM Holdings, Cadence Strengthen Ties With New Deal

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Technology stocks are narrowly lower this afternoon, with shares of technology companies in the S&P 500 declining less than 0.1%.

In company news, ARM Holdings plc ( ARMH ) is up 1.2% to $41.03 a share, now drifting more than $0.70 from its session high that followed the chip-maker's announcing a deal to acquire Cadence Design Systems' ( CDNS ) Advanced Display Technology unit.

The definitive sales agreement calls for the transfer of CDNS PANTA display controller cores to ARM while enhancing the companies' long-standing ecosystem collaboration and strengthening their technical alignment.

The PANTA family was co-developed in conjunction with ARMH and is targeted at advanced multimedia applications for high-end mobile devices with ultra-low power consumption.

CDNS shares are down 1.5% at $13.27 each.

In other sector news,

(-) VOD, (-2.5%) Sells its 45% stake in Verizon ( VZ ) Wireless for $130 bln, receiving $58.9 bln in cash and $60.2 in VZ stock. VZ also will issue $5 bln in notes, sell its 23% stake in VOD's Italian unit for $3.5 bln and assume $2.5 bln of VOD debt. VZ is down 2.3%.

(+) NOK, (+29.7%) Sells its Devices & Services business to Microsoft ( MSFT ) for $5 bln. Also inks $2.18-bln licensing agreement for its patented technology and said NOK CEO Stephen Elop will return to MSFT. MSFT is down 5.6%.

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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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