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Sector Update: Technology

By: MT Newswires
Posted: 2/25/2014 12:29:00 PM
Referenced Stocks: HPJ

Technology stocks were slightly lower in Tuesday afternoon trading, with shares of technology companies in the S&P 500 slipping about 0.1%.

In company news, shares of Highpower International ( HPJ ) rallied as much as 58% Tuesday after the Chinese maker of large-format lithium batteries received its first-ever order for batteries to be used in electric buses, generating up to $5 million in sales by the end of the year.

The order from Huizhou Yipeng Energy Technology - a system integrator serving various large-bus manufacturers throughout China - marks HPJ's initial move into the electric vehicle market. According to the company, it expects each hybrid electric bus will use 96 of its 16-ampere-hour batteries while plug-in hybrid electric buses likely will each use 288 of HPJ's 20-ampere-hour batteries.

HPJ shares hve raced as high as $4.98 each today, matching their best levels since April 2010. The stock was up 42.9% at $4.50 a share in recent trading.

In other sector news,

(+) TTEC, (+13.6%) Discloses plans to acquire Sofica Group, the largest, independent customer management services company in Bulgaria. The technology services company also authorizes an additional $25 million for future share buybacks.

(-) RP, (-22.8%) EPS of $0.16 misses estimates by $0.01 per share. Revenue rises 12.5% year over year to $96.4 mln, trailing Capital IQ consensus by $3.6 mln. Guides both Q1 and FY14 earnings and revenue under the Street.