Sector Update: Technology

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Technology stocks were posting strong gains Tuesday with shares of technology companies in the S&P 500 advancing nearly 1.2% this afternoon.

In company news, Ocean Power Tech ( OPTT ) shares were moderately higher in late trade after the company said it received a $4.62 million initial grant funding from the Australian Renewable Energy Agency.

The money is earmarked for Victorian Wave Partners, OPTT's 88%-owned subsidiary, and will help finance construction of a planned wave-power station project off the coast of Australia. The grant also requires OPTT to raise outside funding as well as meeting certain performance milestones.

OPTT shares were up 2.4% at $3.82 each, earlier climbing to a session high of $3.94 a share. The stock has a 52-week range of $1.46 to $7.01 a share.

In other sector news,

(+) VRNT, Q4 EPS of $0.91 beats by $0.07 per share with in-line revenue of $257 mln. FY15 revenue forecast tops Street view by at least $40 mln while earnings outlook exceeds estimates by $0.12 per share or more.

(-) CUI, Reports 2013 net loss of $1.8 mln, or $0.10 per share, topping its year-ago loss of $0.25 but extending its current losing streak to a third year. Revenue for the 12 months ended Dec. 31 rose 48% over the prior year to $60.7 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.

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This article appears in: Investing , Commodities

Referenced Stocks: OPTT

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