Sector Update: Technology

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Technology stocks were still narrowly higher late Thursday following two days of declines with shares of technology companies in the S&P 500 adding about 0.1% this afternoon.

In company news, shares of Solar City ( SCTY ) were up more than 12% in late Thursday trading and the installer of residential and commercial solar systems today receiving an upgrade to Overweight from Neutral at J.P.Morgan, which also set a $72 price target for the stock.

The upgrade follows SCTY reporting strong Q1 results late Wednesday. The stock earlier surged to a session high of $57.39 a share, more recently trading around $53.50 a share, up 12.1%.


In other sector news,

(+) SNDK, Analysts at 10 research firms change their ratings for the stock after the company boosts its quarterly dividend by 33% to $0.30 per share, starting in Q3. The new ratings include an increase to Strong Buy from Outperform at Raymond James.

(-) TDC, Sees FY14 EPS near the bottom of forecast range of $2.85 to $3.00. Expects revenue growth of 3% to 7%, or $2.77 bln to $2.88 bln. Street is at $2.92 per share on $2.83 bln in revenue. Q1 results top analyst projections.



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: SCTY

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