Tech Sector Adding to Earlier Losses; Suntech Spikes After Naming Interim CEO, Positive Press

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Technology stocks are mostly lower today with shares of technology companies in the S&P 500 retreating about 0.7%.

In company news, Suntech Power Holdings ( STP ) posted as much as a 20% advance today after the the solar power firm named an interim CEO and chief financial officer, as well as a positive sector report that included the company.

Zhou Weiping was selected interim CEO and chief financial officer to replace David King, who stepped down, effective immediately. STP said it is launching a search for a permanent chief executive.

STP and other solar firms also got a boost earlier today from a Digitimes report forecasting photovoltaic installations in emerging solar markets will exceed the global growth average by roughly three times between 2012 to 2017, citing IMS Research.

The research report found yearly installations in the emerging nations will rise to 10.9 gigawatts over the next four years 2017, rising at a compound annual growth rate of 38% from 2.2 gigawatts last year.

In other sector news,

(+) ACTV, Private equity firm Vista Equity Partners offers $14.50 per share for the cloud-computing company. The all-cash transaction has an overall value of $1.05 bln.

(-) KYO, Sells and installs 117kW of its photovoltaic modules on the roof of Pizza Port's new restaurant, corporate office and beer production, canning and distribution facility in Carlsbad, Calif.



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: STP

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