Top Tech Stocks
Most technology stocks were trimming some of their earlier losses, with shares of tech companies in the S&P 500 falling around 0.7%.
In company news, Sunrun Inc. ( RUN ) climbed to a new record high after federal lawmakers late Wednesday voted to reauthorize a key tax credit for solar energy companies as part of an omnibus spending bill making its way through the U.S. Congress.
The Investment Tax Credit provides solar companies with a 30% tax credit on the price of solar systems. Congress previously had planned to pare to credit to 10% beginning in 2017; that reduction will now be postponed until 2022.
In a statement last night in response to the pending legistation, Sunrun senior vice president Bryan Miller said his industry depends on the Investment Tax Credit as well as stable net metering policies, adding, "If politicians take away either brick, the foundation crumbles."
RUN shares were up over 6% today at $12.38, eclipsing a morning surge to establish a new all-time high since its Aug. 15 initial public offering.
In other sector news,
(+) DDD, (+9.1%) Upgraded to Overweight from Equal Weight with $12 price target at Stephens & Co., citing recent restructuring efforts and saying current expectations for the company are overly conservative, creating room for an upside.
(-) ORCL, (-5.1%) Fiscal Q2 revenue falls 6.4% from last year to $9 bln, lagging the $9.06 bln Capital IQ consensus. Adjusted EPS of $0.63 beats Street view by $0.03 per share. 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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