Tech Stocks Again Struggling; Quantum Fuel Technologies Rebounds From Recent Decline After Forming Fleet Partnership

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Technology stocks were lower, with shares of technology companies in the S&P 500 falling around 0.5% this afternoon.

In company news, shares of Quantum Fuel Systems Technologies Worldwide Inc. ( QTWW ) soared Wednesday after the alternative-fuels company announced a new partnership with Ryder ( R ) to develop a fleet of compressed natural gas-powered trucks.

Under terms of the long-term pact, the vehicle-rental company will purchase CNG tank systems directly from QTWW, installing them on their vehicles using its own technicians. The companies also plan to work together on improving fuel system designs in the future.

QTWW shares were up 49% at $4.53 each this afternoon, climbing back to within close range of its session high of $4.64 a share. The stock plunged Tuesday, falling nearly 52%, after Hexagon Composites announced a similar partnership with Agility Fuel Systems to develop CNG-powered vehicles.

Agility accounted for roughly 45% of QTWW's 2013 revenue and about 26% of the company's 2012 sales, according to QTWW regulatory filings.

In other sector news,

(+) ARRS, (+10.7%) Adjusted Q1 EPS of $0.47 beats by $0.02 per share. Revenue soars 146.4% to $1.23 mln, topping estimates by $40 mln. Q2 earnings, revenue forecasts exceed Street views by at least $0.14 per share and $200 mln, respectively.

(-) DTLK, (-24.6%) Q1 net income of $0.06 per share, ex items, trails Street view by $0.11. Revenue rises 4.5% year over year to $139.5 mln, lagging estimates by $15.46 mln. Q2 EPS, revenue guidance miss by $0.08 and $12.32 mln, respectively.

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

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This article appears in: Investing , Commodities
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