Markets

Sector Update: Tech

Technology stocks were moderately lower, with shares of technology companies in the S&P 500 declining about 0.3%.

In company news, Digital Ally ( DGLY ) shares more than doubled in price Thursday after the digital video and storage company said it will officially receive a U.S. patent for its VuLink connectivity system next Tuesday, July 15.

It also said it has begun shipping VuLink to several law enforcement customers.

According to the company, VuLink is the first product on the market to operate body cameras and vehicle-mounted video systems to be automatically or manually activated simultaneously. The recordings can later be linked together, forming a seamless record of a particular incident from different perspectives.

DGLY shares were up more than 148% at $7.90 apiece in recent trade, earlier racing to a session high of $9.44 a share. The stock has a 52-week range of $3.03 to $17.47 a share, rising about 2% over the past 12 months.

In other sector news,

(+) DRWI, (+3.2%) Fiscal Q1 net loss of $0.11 per share top analyst estimates by $0.02. Revenue rises 17.4% over the same quarter last year to $28.8 mln, beating consensus by around $950,000. Expects 25% to 40% revenue growth in current quarter over Q1 levels.

(-) ATEN, (-3.0%) Begun at Neutral in new coverage today at Dougherty & Co., with analyst Catherine Trebnik calling the stock's valuation "reasonable" but questioning the networking company's execution strategy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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