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Why xG Technology (XGTI) Stock Is Soaring Today

NEW YORK (TheStreet) -- xG Technology (XGTI - Get Report) stock is spiking on Tuesday after the company announced it had been awarded a subcontractor position from the U.S. Army. 

The multiple-award contract will see xG provide communications and network services over a five-year period. The contract is worth up to $497 million. xG teamed with primary contractor Science Applications International Corporation (SAIC - Get Report) on this contract. 

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"xG has amassed substantial experience in pioneering, developing and deploying new paradigms in RF communications and cognitive radio solutions," xG CEO John Coleman said in a statement.

"We expect the industry-leading innovations we have introduced in spectrum sharing, advanced interference mitigation techniques, performance-enhancing antenna technologies and efficient over-the-air protocols will provide true benefits to both our current and future generations of warfighters," he continued.

By midday, shares had spiked 29.2% to $2.39. Trading volume of 10.9 million shares was more than nine times its three-month daily average. 

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XGTI Price Chart XGTI Price data by YCharts

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SYM TRADE IT LAST %CHG
SAIC $52.80 1.70%
XGTI $1.71 -8.00%
AAPL $123.55 0.64%
FB $95.04 0.92%
GOOG $627.19 -0.01%

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Chart of I:DJI
DOW 17,619.84 +179.25 1.03%
S&P 500 2,090.67 +23.03 1.11%
NASDAQ 5,084.5380 +44.7620 0.89%

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