Technology Sector Wrap

Published May 09, 2012

| FOXBusiness

During trading today, the Technology sector (XLK) showed little change while the S&P 500 fell 0.6%.

Evolving Systems (EVOL) rose 18.8% to close at $6.69, cross its 50-day moving average of $5.64 and 200-day moving average of $6.00.

LogMeIn (LOGM) rose 3.2% to close at $33.21, approaching its 50-day moving average of $35.16. It has also moved closer to its 200-day moving average of $37.20. Spreadtrum Communications (SPRD) rose 5.9% to close at $17.40, getting closer to its 200-day moving average or $17.79.

Tangoe (TNGO) was a significant gainer in the sector, rising 13.8%. The stock closed at $21.97 with two million shares moving. The stock traded in a range of $19 to $23.05.

Mercadolibre (MELI) was one of the sector's big losers, as its price dropped 12.4% (-$10.91) to close at $77.08. 4.7 million shares of the stock moved. The stock traded in a range of $75.81 to $81.98. Shares are down, having dropped $20.53 (-21%) from a price of $97.61 on May 2, 2012.

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