Top Tech Stocks
Most technology stocks were extending their losses heading into today's close, with shares of tech companies in the S&P 500 falling around 1.1%.
In company news, American Superconductor ( AMSC ) surged Thursday after the chipmaker early today announced a $210 million strategic agreement to develop new wind turbine products for sale in India.
The deal with Inox Wind includes a long-term supply contract, calling on American Semi to produce electrical control systems for Inox's entire 2-megawatt product line. Deliveries are expected to begin in early 2016. A separate agreement will allow Inox to manufacture a limited number of energy conversion systems for its product line using American Semi technology. The companies also plan to collaborate on a 3-megawatt turbine design.
AMSC shares were up nearly 41% at $5.93 each, drifting just 5 cents from its session high.
In other sector news,
(+) DDD, Upgraded to Overweight from Equal Weight with $12 price target at Stephens & Co., which cited recent restructuring efforts and saying current expectations for the company are overly conservative, creating room for an upside.
(-) ORCL, Fiscal Q2 revenue falls 6.4% to $9 bln, lagging the $9.06 bln consensus. UBS cuts price target by $1 to $45; RBC Capital Markets trims target by $2 to $46; and FBR Capital lowers price target by $3 to $41 a share.
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