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DPW

Sector Update: Tech

Technology stocks were little changed this afternoon, with shares of technology companies in the S&P 500 slipping less than 0.1% as a group.

In company news, Digital Power Corp. ( DPW ) climbed sharply in value Monday after the electronic components company said its Digital Power Ltd subsidiary secured a $2 mln order from the Republic of Korea to provide uninterruptible power supply systems on four military tankers now under construction.

The Military Afloat Reach and Sustainability tankers are being built by Daewoo Shipbuilding and Marine Engineering, with each ship requiring a complement of eight power units.

DPW executives said the new deal is expected to provide a "major" part of the company's forward order book for the next two years and adds to DPW's defense business, which already includes work for military customers in Spain, France, India and Australia.

DPW shares recently were nearly 29% at $1.61 apiece, earlier climbing to a session high of $2.00 a share. The stock has traded in a 52-week range of 52 cents to $3.05 a share, climbing slightly more than 119% over the past 12 months.

In other sector news,

(+) XGTI, (+6.7%) CACI International ( CACI ) awards five-year subcontract worth up to $497 mln to provide communications and network services on its prime contract with U.S. Army for communications-electronics services. CACI was 0.3% higher.

(-) CRNT, (-14.1%) Announces plans to sell a yet-to-be-determined number of its shares in an underwritten public offering. Reports non-GAAP net loss of $5.0 mln, or $0.10 per share, improving on $5.7 mln loss last year but $0.04 per share wider than Street view.

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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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