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Tech Stocks Posting Big Gains; DragonWave Surging After Inking Distribution Deal in China

By: MT Newswires
Posted: 1/15/2014 1:32:00 PM
Referenced Stocks:

Top Tech Stocks

MSFT +2.46%

AAPL +2.45%

IBM +1.26%

CSCO +2.10%

GOOG -0.05%

Technology stocks are posting solid gains this afternoon, with shares of technology companies in the S&P 500 climbing almost 1.3%.

In company news, shares of DragonWave Inc. (DRWI,DWI.TO) climbed after the supplier of packet-microwave-radio systems for mobile networks announced a strategic sales agreement with Xi'an Potevio Communications, an ICT subsidiary company of China Potevio Corp., for the sale and distribution of DragonWave products and services in China.

Under the agreement, Xi'an Potevio Communications has made its first deliveries of DRWI's Horizon Compact all-outdoor radios to an unidentified mobile-services provider in mainland China, the companies said. Longer-term, Xi'an Potevio will step up its marketing of DRWI's Horizon and Harmony microwave radios for use in China's mobile, fixed and enterprise markets.

U.S.-listed DRWI shares were up 19.6% at $1.70 in recent trading, climbing as high as $1.81 a share. The stock has a 52-week range of $1.08 to $3.58 a share and is down about 30% from year-ago levels.

In other sector news,

(+) DTLK, (+27.7%) Projects Q4 net revenue of $174 mln, up from its prior guidance of $160 mln to $170 mln and beating the Capital IQ consensus call of $167 mln. Raises non-GAAP EPS guidance to $0.33 to $0.37, or at least $0.08 per share above estimates.

(-) JKS, (-0.3%) Launches offering of 2.75 mln American depository shares, with each ADS representing four common shares of the solar energy company's stock. JKS also is conducting a $100 mln concurrent offering of convertible senior notes due 2019.