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Sector Update: Tech Stocks Dragging on Nasdaq Composite Index; Novatel Rises on Distribution Deal With SYNNEX

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MSFT -1.05%

AAPL +0.16%

IBM +0.29%

CSCO -0.58%

GOOG -0.61%

Technology stocks were moderately lower Monday with shares of technology companies in the S&P 500 slipping about 0.5%.

In company news, Novatel Wireless Inc. ( NVTL ) rose Monday after online software firm announced a a distribution agreement with SYNNEX Corp for its MOBILITYSolv group for the advanced MiFi Powered SA 2100 M2M LTE gateway.

Under terms of the agreement, SYNNEX will now offer NVTL's products to its customers across North America. The SA 2100 also provides automotive mobile hotspot functions, addressing both telematics and mobile workforce uses.

NVTL shares were ahead about 7.6% at $2.54 apiece, easing slightly from its intra-day high at $2.64 a share. The stock has traded within a 52-week range of $1.51 to $3.40 a share, declining nearly 19% over the past 12 months prior to today's gains.

In other sector news,

(+) NOK, Raised to Outperform from Perform by analysts at Oppenheimer.

(-) TSLA, Morgan Stanley analyst suggests stock price may be "a bit" ahead of itself.

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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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