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Tech Stocks Advancing This Afternoon; Plug Power Climbs to New Multi-Year High After Landing $3-Mln Project Grant

Posted
1/7/2014 2:30:00 PM
By: MT Newswires
Referenced Stocks:FDX;PLUG

Top Tech Stocks

Technology stocks are higher this afternoon, with shares of technology companies in the S&P 500 climbing nearly 0.7%.

In company news, Plug Power ( PLUG ) continued its recent ascent, with shares surging another 49% at one point after the fuel-cell manufacturer announced a deal to develop fuel cell range extenders for 20 FedEx ( FDX ) Express electric delivery trucks.

Under terms of the $3-million project fueled by the U.S. Department of Energy, PLUG will adapt its GenDrive Series 1000 product architecture to expand the range of the FedEx Express trucks, nearly doubling the amount of territory the electric vehicles can cover from a single charge.

The hybrid vehicles will be powered by lithium-ion batteries and a 10-kilowatt Plug Power hydrogen fuel cell system.

PLUG shares recently were trading at $3.97 each, rising 43.3%, after earlier climbing to $4.14 - marking the first time since mid-May 2011 the stock had topped $4 a share.

In other sector news,

(+) PANW, (+4.1%) Acquires Morta Security, a Silicon Valley-based cybersecurity company operating in stealth mode since 2012. Financial terms of the transaction were not disclosed.

(-) CYNI, (-27.7%) Said Windstream Corp, its largest customer, cut orders by 88% from Q3 levels to just $2 mln in Q4. Now sees Q4 revenue of $20 mln to $21 mln, down as much as $12 from prior forecast and now trailing analyst consensus by $10.1 mln.