Tech Stocks Leading Most Sectors

Technology stocks were leading most sectors higher this afternoon, with shares of tech companies in the S&P 500 posting a nearly 0.7% increase. In company news, Applied Optoelectronics (AAOI) climbed to a new record high on Monday, rising almost 12% to top out today at a best-ever $71.10 a share, after analysts at Needham & Co today began covering the fiber-optic networking equipment-maker with a Strong Buy rating and an $85 price target.

The move follows Applied Opto earlier this month a non-GAAP Q1 profit of $1.10 per share, reversing a year-ago net loss of $0.04 per share, as revenue grew 91% over the same quarter last year to $96.2 million. The company’s stock also was selected last month to replace Adeptus Health (ADPT) in the S&P SmallCap 600 index after Adeptus filed for Chapter 11 bankruptcy protection on April 21.

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