Sector Update: Technology

By Staff,

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Technology stocks are unable to shake off disappointing results and guidance last night from sector giant Cisco ( CSCO ). At last look, shares of technology companies in the S&P 500 were down 0.3% as a group.

In company news, SolarCity ( SCTY ) is up nearly 5% at $56.58 a share after the maker of photovoltaic modules announced a new partnership with BMW, offering owners of the upscale vehicles exclusive access to SCTY's most affordable solar-energy services to recharge electric- and hybrid-power vehicles.

Through the partnership, new BMW buyers in SCTY's 14-state service territory will receive a 10% discount on the company's home-solar package. The deal also offers several flexible financing options, including no upfront installation cost and locking in electric rates for 20-year terms.

There is no word whether SCTY - founded and initially funded by Tesla ( TSLA ) Chief Executive Elon Musk - plans to extend a similar offer to buyers of TSLA's all-electric cars.

Earlier today, the company's SolarCity LMC Series I LLC unit completed a $54.4 million offering of solar asset-backed notes. The stock also picked up an upgrade to Outperform from Neutral at Robert W. Baird, which also raised its price target by $21 to $71 a share.

In other sector news,

(+) YUME, (+31.9%) Reports Q3 net loss of $0.03 per share, beating consensus estimate by $0.08. Revenue climbs 39.2% year over year to $36.2 mln, topping Wall Street opinion by $1.73 mln. Issues in-line guidance forecasting Q4 revenue of $57.4 mln to $60.4 mln.

(-) PRCP, (-21.7%) Posts surprise Q1 net loss of $0.07 per share, reversing $0.08 gain in the year-ago period and trailing lone analyst estimate expecting a $0.05 per share profit. Net sales slip 2.4% to $12.1 mln, also lagging analyst view by $690,000.

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: CSCO , SCTY , TSLA

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