Markets

Sector Update: Technology

Technology stocks were higher, with shares of technology companies in the S&P 500 climbing nearly 1.2% as a group.

In company news, Kandi Technologies Group ( KNDI ) shares rallied Monday after the electric-vehicle company said revenue during the first three months of 2014 almost tripled compared to year-ago levels.

Revenue grew 174.0% year over year to $40.2 million from $14.7 million last year.

Non-GAAP net income, excluding the effects of stock-based compensation and changes in the fair value of financial derivatives, grew 30.4% over the same quarter last year to $1.6 million. Its GAAP net loss was $14.1 million, or $0.36 per share, reversing a $2.2 million profit during the first three months of 2013.

No analyst estimates were available for comparison.

"During the first quarter, Kandi has once again experienced the significant growth in EV (electric vehicle) related business sales," CEO Xiaoming Hu said in prepared remarks. "We are satisfied with the financial results we have achieved in the slowest quarter of the year."

KNDI shares were up 18.2% at $13.52 each in recent trade, earlier advancing to a session high of $13.94 a share. The stock has a 52-week range of $3.70 to $22.40 a share, jumping nearly 225% over the past 12 months.

In other sector news,

(+) GOGO, (+8.2%) Q1 net loss of $0.20 per share beats Capital IQ consensus by $0.05 per share. Revenues rises 35.2% over year-ago levels to $95.7 mln, topping estimates by around $1.67 mln.

(-) NTAP, (-1.8%) Reduced to Market Perform from Outperform at Raymond James. No price target information was available.

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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