Top Tech Stocks
Technology stocks were starting to move past their earlier slim gains this afternoon, with shares of tech companies in the S&P 500 (^IXT) edging about 0.5% higher.
In company news, SunEdison ( SUNE ) shares sank Tuesday after a hedge fund reportedly asked to see documents from its TerraForm Power ( TERP ) subsidiary about a recent management shakeup and acquisitions at the solar and wind generation unit.
David Tepper through his Appaloosa Management LP fund acquired a 9.5% stake in TerraForm earlier this month and soon accused the company's management of acting more in the interest of SunEdison than its own shareholders, according to Bloomberg.
In particular, Appaloosa has questioned the companies' planned deal to buy residential solar-system company Vivint Solar ( VSLR ) for about $1.9 billion in cash, stock and notes, with TerraForm Power also buying Vivint's rooftop solar portfolio from SunEdison as part of the deal.
SUNE shares were down over 18% this afternoon at $5.49 each, climbing back from a prior slide to $4.46 a share. TERP shares were ahead by about 1% at $12.53 apiece while VSLR shares were off by more than 7% at $9.87 each.
In other sector news,
(+) DGLY, Receives orders for FirstVu HD body-worn camera, DVM-800 in-car digital audio/video system, VuVault server software and VuLink automatic activation system from law enforcement agencies in Kansas City, Santa Fe, N.M., and Brevard county, Fla.
(-) ACTG, CEO Matthew Vella quits, effective Monday. Names Marvin Key, chief executive of its Acacia Research Group LLC subsidiary to be interim CEO.
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