Tech Stocks in Motion
Updated from 2:05 p.m. EDT
Shares of Euro Tech Holdings (CLWT) vaulted to the top of the technology leader board Tuesday after the Hong Kong-based company reported fiscal 2003 earnings.
The company earned 12 cents a share on sales of $27.4 million, vs. year-ago earnings of 11 cents a share on sales of $23.5 million. Euro Tech said that diversifying into engineering and manufacturing led to the company's year-over-year gains.
Euro Tech also declared a stock dividend: Shareholders will receive 5 shares of stock for every 10 shares they hold as of July 19. Shares of Euro Tech Holdings traded up $4.74, or 154.8%, to $7.80.Flextronics International (FLEX) jumped after it agreed to purchase most of Nortel's (NT) manufacturing operations. Flextronics will buy Nortel's manufacturing operations in Canada and Brazil and anticipates acquiring operations in France and Northern Ireland. Nortel expects estimated cash proceeds of $675 million to $725 million. In addition to the purchase, the two companies also agreed to an outsourcing agreement, with Flextronics managing about $2.5 billion of Nortel's cost of sales. Shares of Flextronics International traded up 61 cents, or 4%, to $15.98. Shares of Novell (NOVL) rose modestly after software company announced the sale of $500 million in convertible senior debentures. Novell also granted purchasers a 30-day option to purchase an additional $100 million of debentures. The debentures will be convertible into shares of Novell at a conversion rate of 86.79 shares per $1,000 principal amount of debentures, which translates into about $11.52 a share. Shares of Novell traded up 10 cents, or 1.2%, to $8.32.
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