Sector Update: Technology
Technology stocks are unable to shake off disappointing results and guidance last night from sector giant Cisco ( CSCO ). At last look, shares of technology companies in the S&P 500 were down 0.3% as a group.
In company news, SolarCity ( SCTY ) is up nearly 5% at $56.58 a share after the maker of photovoltaic modules announced a new partnership with BMW, offering owners of the upscale vehicles exclusive access to SCTY's most affordable solar-energy services to recharge electric- and hybrid-power vehicles.
Through the partnership, new BMW buyers in SCTY's 14-state service territory will receive a 10% discount on the company's home-solar package. The deal also offers several flexible financing options, including no upfront installation cost and locking in electric rates for 20-year terms.
There is no word whether SCTY - founded and initially funded by Tesla ( TSLA ) Chief Executive Elon Musk - plans to extend a similar offer to buyers of TSLA's all-electric cars.
Earlier today, the company's SolarCity LMC Series I LLC unit completed a $54.4 million offering of solar asset-backed notes. The stock also picked up an upgrade to Outperform from Neutral at Robert W. Baird, which also raised its price target by $21 to $71 a share.
In other sector news,
(+) YUME, (+31.9%) Reports Q3 net loss of $0.03 per share, beating consensus estimate by $0.08. Revenue climbs 39.2% year over year to $36.2 mln, topping Wall Street opinion by $1.73 mln. Issues in-line guidance forecasting Q4 revenue of $57.4 mln to $60.4 mln.
(-) PRCP, (-21.7%) Posts surprise Q1 net loss of $0.07 per share, reversing $0.08 gain in the year-ago period and trailing lone analyst estimate expecting a $0.05 per share profit. Net sales slip 2.4% to $12.1 mln, also lagging analyst view by $690,000.