Markets

Technology Sector Update for 11/23/2015: SUNE,TERP,GLBL,UPIP,TXTR

Top Tech Stocks

MSFT -0.09%

AAPL -1.02%

IBM +0.01%

CSCO Unchanged

GOOG +0.26%

Technology stocks were mostly lower today, with shares of tech companies in the S&P 500 declining about 0.3%.

In company news, SunEdison Inc. ( SUNE ) rose Monday after the solar-power developer today replaced several senior managers at its affiliated firms, TerraForm Power ( TERP ) and TerraForm Global ( GLBL ).

SunEdison Chief Financial Officer Brian Wuebbels will become chief executive at both TerraForm companies, replacing Carlos Domenech, in addition to continuing in his current position. Also, SunEdison director Peter Blackmore is leaving the company's board to become board chairman at TerraForm Power and TerraForm Global while Rebecca Cranna was named CFO at the two companies, succeeding Alegandro Hernandez.

SunEdison also replaced several other board members at the TerraForm companies, which said the changes are aimed at aligning their strategic focus more to "acquiring projects from its sponsor, SunEdison, with less reliance on third-party acquisitions."

SUNE shares were up over 10% at $3.11 this afternoon following an earlier run to $3.35 a share. TERP shares were down over 6% at $8.59 while GLBL shares were up nearly 8% to $5.68 apiece, reversing an early decline to $5.09 a share.

In other sector news,

(+) UPIP, (+17.0%) UK High Court rules cell phone manufacturers Samsung and Huawei infringed an LTE standards-essential patent held by UPIP in the first of five patent-infringement trials the company expects to have tried by next June.

(-) TXTR, (-6.9%) Reduced to Neutral from Outperform at Credit Suisse, which also trimmed its price target for the company's stock by $3 to 24 a share.

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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