Sector Update: Technology

By Staff,

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Technology stocks are little changed, with shares of technology companies in the S&P 500 rising less than 0.1%.

In company news, On Track Innovations ( OTIV ) is higher after the contactless "smart" card company said it was partnering with a General Electric ( GE ) subsidiary to link its EasyFuel Plus automatic vehicle identification components with fuel dispensers and other service-station equipment sold by the GE unit.

As part of the agreement, the EasyFuel Plus components will be marketed under GE's Wayne brand name and sold to petroleum retailers, commercial fleets, and industrial and mining customers. The companies already are selling the combined technologies in several African countries and are now working on opportunities in other regions.

Financial terms of the collaboration pact were not immediately disclosed.

OTIV shares recently were fetching $3.15 each, up 6.1%. GE is ahead 2 cents at $27.03 a share.

In other sector news,

(+) FTR, (+8.2%) Announces deal to acquire AT&T's ( T ) wireline residential and business services and associated assets in Connecticut for $2 bln in cash. Acquisition is seen adding to per-share free cash flow during the first year after closing.

(-) TWTR , (-0.4%) Atlantic Equities downgrades the micro-blogging service, cutting its rating to Neutral from Overweight but boosting its price target by $16 to $50 a share. Thirteen of 17 analysts tracking TWTR now have ratings of Hold or worse for the stock.

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

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

This article appears in: Investing Commodities
Referenced Stocks: GE , OTIV , T

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