Technology stocks were narrowly higher just before the close
with shares of technology companies in the S&P 500 rising less
In company news, China BAK Battery (
) shares tumbled Monday after the maker of lithium-ion rechargable
batteries late last week said its Shenzhen BAK subisidiary
defaulted on nearly $84 million in loans, losing its ownership
stake in its BAK International unit.
According to a regulatory filing with U.S. authorities shortly
after last Thursday's early close, CBAK said it borrowed RMB520M,
or about $83.8 million, from Jinghui Wang in December 2013, in
part, using all of its equity interest in BAK International to
secure that loan.
Wang on June 30 delivered notice to CBAK it had defaulted on the
loan and that foreclosed and sold the BAK International equity
stake to an unidentified third party for around $84 million.
Following the foreclosure, CBAK said it still owns a pair of
Chinese subsidiaries, Dalian BAK Trading Co. Ltd. and Dalian BAK
Power Battery Co. Ltd, the latter of which is developing,
manufacturing and selling new energy high-power batteries used in
electric cars and other high power applications.
CBAK shares were down over 16% at $3.39 apiece late in Monday's
session, or less than 20 cents its intra-day low. The stock has a
52-week range of $1.11 to $5.00 a share, rising 164% over the past
In other sector news,
(+) CAMT, Shares climb as much as 44% after the
optical-inspection company announces the launch of its
next-generation semiconductor inspection and metrology platform,
already receiving orders from several device manufacturers.
(-) GTAT, Reduced to Neutral from Buy at UBS, with analyst
Stephen Chin writing GTAT could still hit the midpoint of its $600
mln to $800 mln sales guidance although "our checks of a slower
ramp in 2Q14 makes the high end more challenging."
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