Sector Update: Tech


Technology stocks were narrowly higher Monday with shares of technology companies in the S&P 500 advancing about 0.1% this afternoon.

In company news, shares of xG Technology Inc. ( XGTI ) were higher after the mobile communications equipment company was given a Buy rating in new coverage at Roth Capital, which also set a $5 price target for the stock.

The positive rating follows the company reporting several contract awards in recent months, including a piece of CACI International's $497 million prime contractor award to provide networking and communication services to the U.S. Army.

The company earlier this year also received a U.S. patent for its inference mitigation technology improving the performance of wireless systems.

XGTI shares were ahead about 6.7% at $2.07 this afternoon, earlier rising to a session high of $2.24 a share. The stock has traded within a 52-week range of $1.12 to $6.95 a share, declining over 67% over the past 12 months.

In other sector news,

(+) DGLY, (+25.2%) White House expected to initiate an audit of military equipment distributed to local police departments.

(-) QIHU, (-6.0%) Q2 non-GAAP net income of $0.50 per share beats estimates by $0.02. Revenue rises 109.6% year over year to $317.9 mln, topping Capital IQ consensus by around $7.4 mln.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: XGTI

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