Tech Stocks Finishing Near Session Highs; Ocean Power Tech Lands $4 Mln Grant to Begin Wave-Power Project


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Technology stocks were posting strong gains Tuesday with shares of technology companies in the S&P 500 advancing nearly 1.2% this afternoon.

In company news, Ocean Power Tech ( OPTT ) shares were moderately higher in late trade after the company said it received a $4.62 million initial grant funding from the Australian Renewable Energy Agency.

The money is earmarked for Victorian Wave Partners, OPTT's 88%-owned subsidiary, and will help finance construction of a planned wave-power station project off the coast of Australia. The grant also requires OPTT to raise outside funding as well as meeting certain performance milestones.

OPTT shares were up 2.4% at $3.82 each, earlier climbing to a session high of $3.94 a share. The stock has a 52-week range of $1.46 to $7.01 a share.

In other sector news,

(+) VRNT, Q4 EPS of $0.91 beats by $0.07 per share with in-line revenue of $257 mln. FY15 revenue forecast tops Street view by at least $40 mln while earnings outlook exceeds estimates by $0.12 per share or more.

(-) CUI, Reports 2013 net loss of $1.8 mln, or $0.10 per share, topping its year-ago loss of $0.25 but extending its current losing streak to a third year. Revenue for the 12 months ended Dec. 31 rose 48% over the prior year to $60.7 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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: OPTT

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