Tech Stocks Little Changed in Afternoon Trade; SolarCity Rises After Announcing New Partnership with Best Buy

By Staff,

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Technology stocks were little changed this afternoon, with shares of technology companies in the S&P 500 slipping less than 0.1%.

In company news, SolarCity ( SCTY ) shares rose Wednesday after the solar-energy company announced a new revenue-sharing partnership with Best Buy Corp ( BBY ), placing its sales representatives inside the stores to market SCTY's at-home electricity generation systems.

The partnership began last September at a handful of BBY stores and will now expand to around 60 locations in Arizona, California, Hawaii, New York and Oregon.

SCTY typically offers 20-year leases to home and business owners, saving homeowners the usual upfront costs for solar-energy equipment and installation. As an added incentive, SCTY will give $100 BBY gift cards to new customers signing up for a lease prior to April 22 (Earth Day).

SCTY shares were up 6.9% at $78.43 apiece in recent trading, holding within 7 cents of its intra-day high. The stock has a 52-week range of $16.18 to $88.35 a share. BBY shares were down 1% at $25.71 each.

In other sector news,

(+) INFN, (+14.2%) Raised to Buy from Neutral at Goldman Sachs, which contends consensus opinion "is underestimating the revenue growth potential associated with customer upgrades." Price target left unchanged at $11.50 a share.

(-) MX, (-10.3%) The company's audit committee determines the chip-maker incorrectly recognized revenue on certain transactions dating back to its annual reports for 2011 and 2012 as well as quarterly results through the first nine months of 2013.

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

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

This article appears in: Investing Commodities
Referenced Stocks: SCTY , BBY

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