U.S.-traded shares of European tech companies rose Tuesday, with Qimonda AG jumping after the German memory chip maker signed a contract to buy solar wafers from LDK Solar Ltd. over the next five years.
The companies did not disclose financial terms, but said China-based LDK will supply wafers totaling 540 megawatts in power to Qimonda. LDK will also get access to Qimonda's scrap silicon.
American Depositary Receipts of Qimonda surged 63 cents, or 17.4 percent, to $4.26 in afternoon trading. Its trading volume was more than three times heavier than normal.
Shares of LDK rose 86 cents, or 2.5 percent, to $36.06.
Both stocks trade as American Depositary Receipts, or ADRs, which are securities that allow U.S. investors to trade shares of companies based overseas.
Elsewhere in the sector, shares of ARM Holdings PLC, a British microchip designer, added 27 cents, or 4.3 percent, to $6.61.
ASML Holding NV, a chip equipment supplier based in the Netherlands, rose 85 cents, or 3 percent, to $29.69.
French telecommunications equipment maker Alcatel-Lucent picked up 14 cents, or 2.1 percent, to $6.96.
STMicroelectronics NV gained 36 cents, or 3 percent, to $12.31.
The Bank of New York Europe ADR Index moved up 0.28 points to 180.59 late in the session with the U.S. markets.
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