Top Tech Stocks
Technology stocks were enjoying brisk gains Monday, with the S&P Technology Index advancing more than 1.0% this afternoon.
In company news, Tesla Motors ( TSLA ) sped higher Monday after Friday saying it delivered 10,300 of its electric-power cars during Q1, topping its prior guidance anticipating around 9,500 vehicles.
Analysts applauded the better-than-expected Q1 sales, with Robert W. Baird today reiterating its Outperform rating and a $275 price target for the stock. Pacific Crest Securities also reiterated its Outperform rating.
But Bank of America Merrill Lynch was less enthusiastic, with analyst John Lovall in a new research note calling the news a "positive surprise" but also "not that impressive" given the company's 9.834 deliveries during the final three months of 2014.
TSLA shares recently were ahead by more than 7% at $205.03 each, backing away from an earlier session high of $207.75 a share. The stock has traded within a 52-week range of $177.22 to $291.42 a share, sliding more than 11% over the past 12 months prior to Monday's rise.
In other sector news,
(+) DDD, (+3.9%) Acquires Easyway Design and Manufacture Co. in China for an disclosed amount. Easyway operates 3D printing sales and service provider in Shanghai, Wuxi, Beijing, Guangdong and Chongqing.
(-) RESN, (-35.7%) Late Thursday, said its development agreement with its first customer was terminated, adding it will pursue commercialization of filter design with another customer and expects to have a prototype completed by the end of 2015.
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