Sector Update: Technology
Technology shares were generally lower in pre-market trade Monday.
In technology stocks news, Trina Solar ( TSL ) shares were higher nearly 2% in recent pre-market trade after saying it will supply 23 megawatt of photovoltaic modules to Linuo Solar Power's distributed generation solar project in China's Shandong province.
TSL is trading near the mid-point of the 52-week range between $5.00 and $18.77.
The project is expected to produce 2990 kWH of electricity annually and mitigate 28,674 tons of CO2. Trina Solar said shipments will be completed by end June.
And, SanDisk ( SNDK ) said it has agreed to acquire Fusion-io ( FIO ), a developer of flash-based PCIe hardware and software solutions that enhance application performance in enterprise and hyperscale datacenters, for $1.1 billion, net of cash.
FIO jumped 24% in recent pre-market trade, to $11.50, nevertheless trading in the lower half of the 52-week range between $7.77 and $15.59.
The flash storage provider said it is offering $11.25 per share in cash, funded with cash available on its balance sheet. The deal is expected to be accretive to non-GAAP earnings in the second half of SanDisk's fiscal 2015.
Finally, Level 3 Communications ( LVLT ), a facilities-based provider of integrated-communications services, said it agreed to buy managed-network-services provider tw telecom ( TWTC ) in a cash-and-stock deal valued at $40.86 per share, a 12% premium to TWTC's Friday closing price.
The total value of the deal is expected to be about $5.7 billion, excluding the assumption of $1.6 billion of net debt as of March 31.
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