Sector Update: Tech Stocks Slide to Lower Close; Solar Stocks Rally On Prospects for New China Support

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Top Tech Stocks

MSFT -0.65%

AAPL -0.49%

IBM -1.34%

CSCO -0.77%

GOOG -1.41%

Technology stocks were slipping Tuesday with shares of technology companies in the S&P 500 falling about 0.9%.

In company news, shares of Trina Solar ( TSL ) and other solar energy producer rose Tuesday following reports Chinese officials are considering policies to encourage home installations of solar panels.

Under the policies, the National Energy Administration would call for local planners to add more projects in regions where electricity can be distributed to customers living nearby, Bloomberg News was reporting, citing people familiar with the matter who asked not to be identified because they weren't authorized to speak publicly.

TSL was up more than 7% at $11.46 each late Tuesday, earlier climbing over 9% to an intra-day high of $11.70 a share for its best advance in over two months.

Also rising today was JinkoSolar Holding Co. Ltd ( JKS ), climbing over 6% at $25.12 a share. 6.4 percent to $11.38 at 2:28 p.m. in New York. Earlier it rose as much as 9.3 percent, while shares of Canadian Solar ( CSIQ ) was ahead about 3.7% at $24.98 apiece.

In other sector news,

(+) GTAT, Forecasts better-than-expected FY14 earnings of $0.12 to $0.18 per share, topping analyst estimates by at least $0.09 per share. Guides revenue in-line with Street view. Q2 net loss of $0.16 per share was $0.01 wider than Street view.

(-) FIVN, Projected Q3 revenue of $24 mln to $25 mln, lagging Street view by at least $1.2 mln. FY14 revenue guidance also trails Capital IQ consensus by at least $3.1 mln. Q2 net loss of $0.20 per share beats by $0.02.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: TSL , JKS , CSIQ

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