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Sector Update: Tech

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Technology stocks were mostly higher with shares of technology companies in the S&P 500 climbing almost 0.7%.

In company news, Kandi Technologies ( KNDI ) was gaining Monday after the electric-car manufacturer reported huge jumps in Q2 adjusted earnings and revenue compared to year-ago levels.

The Chinese company earlier today reported non-GAAP earnings of $3.22 million, or $0.08 per share, up from a $73,785 adjusted profit during the same quarter last year. Revenue grew 171.1% year-over-year to $32.96 million.

No analyst estimates were available for comparison.

According to the company, revenue from electric vehicles grew 552.1% from the year-ago quarter to $13.25 million. Its joint venture sold 4,114 electric vehicles during the quarter, up from 1,215 during Q1.

KNDI shares recently were up about 5.6% at $19.60 apiece, earlier topping out today at $20.52 a share. The stock has traded within a 52-week range of $4.12 to $22.49 a share, posting a three-fold increase over the past 12 months, rising 301.6%.

In other sector news,

(+) PRKR, (+3.1%) Reaches confidential settlement with three shareholders in legal fight dating to late 2011. The settlement will not have a material impact on the company's financial position or operations.

(-) GOGO, (-6.1%) Says FY14 EBITDA will be "toward the low end" of its $8 mln to $18 mln forecast range due to increased spending for Supplemental Type Certificates for international service.

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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