During trading today, both the Technology sector (XLK) and the S&P500 showed little movement.
The ETF, as a proxy for the sector, tracked closer to the overall market today than over the past month. Entering today's trading, XLK was up 0.9% over the last thirty trading days while the S&P 500 climbed 2.1%.
Ciena Corporation (CIEN) fell 7.9% to close at $14.15, crossing its 50-day moving average of $14.70. Meanwhile, RiT Technologies (RITT) climbed 56.9% to close at $5, moving past its 200-day moving average of $3.31.
Hewlett-Packard (HPQ) rose 3% to close at $19.69, approaching its 50-day moving average of $20.95. It has also moved closer to its 200-day moving average of $24.01.
ADTRAN (ADTN) was a major loser in the sector. Its price dropped 15.4% (-$4.18) to close at $23.01, as 7.5 million shares moved. The stock traded in a range of $22.58 to $24.79. The stock is down over the last two months, having fallen $7.23 (-23.9%) from a price of $30.24 on May 11, 2012.
Increasing 10.9% (+$3.49) to close at $35.41, VeriFone Systems (PAY) was a major gainer in the sector. Today, 7.7 million shares traded hands. The stock traded in a range of $33.86 to $35.84. The stock has lost momentum over the last three months, losing $18.99 (-34.9%) from $54.40 on April 13, 2012.