Markets

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.

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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