Sector Update: Technology
Technology shares are higher in pre-bell trading. Cogo Group ( COGO ) shares are up more than 14% pre-market after the Chinese technology company said a plan to sell about 30% of its assets to founder and CEO Jeffrey Kang for about $80 million is "progressing smoothly."
The company's Audit Committee has signed a letter of intent relating to the sale Kang's wholly owned company. Kang expects the transaction to close before the end of the year.
And Hanwha SolarOne ( HSOL ) is down 11% at $3.52 after it said its Q2 loss narrowed to $0.32 per American depository share from a loss of $0.43 in Q1. The Non-GAAP net loss per ADS was $0.25 compared to the average Capital IQ estimate for a loss of $0.32. Total revenues were at 192.7 million compared to $179.2 million in Q1.