op Tech Stocks
Technology stocks were lower, with shares of technology
companies in the S&P 500 falling around 0.5% this
In company news, shares of Quantum Fuel Systems Technologies
Worldwide Inc. (
) soared Wednesday after the alternative-fuels company announced a
new partnership with Ryder (
) 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
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
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.