Tech Sector Narrowly Lower; Highpower International Nears 4-Year High on New Orders Boost

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Technology stocks were slightly lower in afternoon trading, with shares of technology companies in the S&P 500 slipping about 0.1% today.

In company news, shares of Highpower International ( HPJ ) rallied as much as 58% Tuesday after the Chinese maker of large-format lithium batteries received its first-ever order for batteries to be used in electric buses, generating up to $5 million in sales by the end of the year.

The order from Huizhou Yipeng Energy Technology - a system integrator serving various large-bus manufacturers throughout China - marks HPJ's initial move into the electric vehicle market. According to the company, it expects each hybrid electric bus will use 96 of its 16-ampere-hour batteries while plug-in hybrid electric buses likely will each use 288 of HPJ's 20-ampere-hour batteries.

HPJ shares hve raced as high as $4.98 each today, matching their best levels since April 2010. The stock was up 42.9% at $4.50 a share in recent trading.

In other sector news,

(+) TTEC, (+13.6%) Discloses plans to acquire Sofica Group, the largest, independent customer management services company in Bulgaria. The technology services company also authorizes an additional $25 million for future share buybacks.

(-) RP, (-22.8%) EPS of $0.16 misses estimates by $0.01 per share. Revenue rises 12.5% year over year to $96.4 mln, trailing Capital IQ consensus by $3.6 mln. Guides both Q1 and FY14 earnings and revenue under the Street.



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: HPJ

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