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Tech Stocks Climbing in Afternoon Trade; Microvision Lights Up After Landing Second 'Fortune 500' Partner

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Technology stocks were higher this afternoon, with shares of technology companies in the S&P 500 climbing about 0.6% as a group.

In company news, Microvision ( MVIS ) shares jumped as much as 28% Thursday after the display-screen company announced a new collaboration with an unnamed "Fortune 500" consumer-electronics company.

MVIS shares were up 13.6% at $2.00 each in recent trade, earlier climbing to a session high of $2.25 a share. The stock has a 52-week range of $1.03 to $3.49 a share, declining about 36.6% over the past 12 months.

Under terms of the pact, MVIS will develop a display engine for use in a new smartphone slated to reach the market during the second half of 2015. The deal is the company's second with a Fortune 500 firm, with MVIS in February saying another consumer electronics company has been using its PicoP display technology since April 2013 as part of a pico projector that company is developing.

MVIS also has partnerships in place with Sony Corp ( SNE ) and United Parcel Service ( UPS ).

In other sector news,

(+) CIEN, (+19.5%) Q2 adjusted EPS of $0.17 beats consensus by $0.04 per share. Revenue rises 10.3% to $560.1 mln, topping estimates by $920,000. Forecasts Q3 revenue in a range of $585 mln to $615 mln compared with $585.04 mln Street view.

(-) TSL, (-4.0%) Announces plans to sell 8.8 mln of its American depository shares, with each ADS equal to 50 shares of its common stock. Also planning a $150 mln offering of convertible senior notes due 2019.

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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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