Published August 10, 2012
While the S&P 500 grew 0.2%, the Technology sector (XLK) showed little movement during trading today.
The ETF, as a proxy for the sector, tracked closer to the overall market today than over the past month. As trading began today, XLK was up 8% over the last thirty trading days, and the S&P 500 climbed 5.5%.
Spreadtrum Communications (SPRD) was one of the sector's big losers, as its price dropped 11.7% (-$2.27) to close at $17.09. 4.3 million shares of the stock moved. The stock traded in a range of $16.68 to $18.10. Shares are down $1.90 (-10%) from a price of $18.99 on August 3, 2012.
Open Text Corporation (OTEX) was a significant gainer in the sector, rising 10.4%. The stock closed at $54.52 with 1.6 million shares moving. The stock traded in a range of $49.47 to $55.27. The stock has been on the rise in the last two months, up $8.08 (17.4%) from a price of $46.44 on June 13, 2012. Cogent Communications Group (CCOI) also gained today, climbing $1.06 (+5.8%) to close at $19.20.
Acorn Energy (ACFN) fell 9.5% to close at $8.09, crossing its 50-day moving average of $8.61.
Multi-Fineline Electronix (MTD) fell 3.3% to close at $26.25, moving closer to its 50-day moving average of $25.79. Also, the stock moved closer to its 200-day moving average of $165.35.
Cornerstone OnDemand (CSOD) hit a new 52-week high today, reaching $29.71 to top the previous high of $26.50.
Kayak Software (KYAK) hit a new 52-week low today, hitting $29.50 to fall below the previous low of $30.08.