Tech Stocks Adding to Earlier Gains; UBS Sees Facebook Soon Joining S&P 500, Boosting Stock

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Technology stocks are narrowly higher with shares of technology companies in the S&P 500 climbing about 0.1% this afternoon.

In company news, Facebook ( FB ) shares are up 4% at $48.38, hitting a day high of $48.46 on speculation by UBS and other the social networking company is poised to join the S&P 500 soon - perhaps as soon as Wednesday.

In a mid-day research note, UBS strategist Trista Rose said FB would be a likely choice to replace Molex ( MOLX ) in the closely watched market index, saying the announcement could come as early as tonight.

MOLX will be forced out of the S&P 500 once its upcoming merger with Koch Industries is complete. The electronics components manufacturer this afternoon said it has now received all the necessary regulatory clearances for the deal, which is now slated to close on Monday, Dec. 9.

In other sector news,

(+) PLUG, Executives with the fuel-cell technology firm predict it could turn a first-ever profit in 2014. Q4 sales are projected between $30 million to $40 million.

(-) OVTI, Forecasts Q3 revenue of $310 mln to $340 mln, trailing consensus by at least $60 mln. Guides EPS in-line. EPS of $0.60 per share beats by $0.17 per share. Revenue rises 1.8% year over year to $397.2 mln, topping estimates by $5.1 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: FB , MOLX

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