Investing.com - The European technology sector was among the worst performers in midday trade on Monday, as investors were disappointed by earnings and M&A news from German heavyweights Infineon and SAP.
The STOXX Europe 600 Technology sector was down 1.8% by 6:57AM ET (1157GMT), on track for the biggest one day drop since October 24.
Shares of Infineon Technologies AG (DE:IFXGn) lost more than 5% in Frankfurt after the German chipmaker said fourth-quarter net income declined 20% to 141 million euros from 176 million euros in the same period a year earlier.
Meanwhile, SAP SE (DE:SAPG) dropped around 3% after the German software company announced its acquisition of survey software firm Qualtrics International for $8 billion, a price considered expensive by traders and analysts.
The deal is SAP's second-biggest acquisition ever, following the $8.3 billion purchase of travel and expense software company Concur in 2014.
Elsewhere, Denmark-based financial software provider Simcorp A/S (CO:SIM) was one of the top STOXX fallers, down 9% after its results after the close on Friday showed a decline in profits.