Updated from 12:38 p.m. EDT
(NETE - Get Report)
were among the best-performing technology stocks Wednesday after
the company agreed to be acquired by
Computer Associates International
CA will pay Netegrity shareholders $10.75 a share in cash, or about $430 million. The buyout price represents a premium of 39% over Tuesday's closing price of $7.75. The acquisition is expected to be neutral to earnings in fiscal 2005 and slightly accretive in 2006. The deal is expected to close in the next 90 days. Shares of Netegrity, a security software maker, traded up $2.79, or 36%, to $10.54; shares of CA traded up 46 cents to $27.85.
Sirius Satellite Radio
(SIRI - Get Report)
rose 15.5% after the company announced that shock jock
Howard Stern would be moving to Sirius' satellite radio
system beginning in January 2006. The five-year, multimillion-dollar deal will allow the radio personality to take his show "to a whole new level as I bring my fans my show, my way," Stern said. According to Sirius, total production and operating costs are estimated at $100 million a year. Sirius estimates it would need to generate about 1 million subscribers to cover the costs of the deal. Shares traded up 52 cents to $3.87.
fell 10.4% after the company cut its third-quarter earnings and sales forecast. The chipmaker now expects
earnings of 11 cents to 14 cents a share on sales of $115 million to $119 million
. Previously, the company forecast earnings of 27 cents to 30 cents a share on sales of $128 million to $133 million. Analysts polled by Thomson First Call had been expecting earnings of 28 cents a share on sales of $130.2 million. Zoran blamed an inventory correction in the Chinese-manufactured DVD player market and tighter credit lines within China. The company will report its third-quarter results Oct. 26. Shares traded down $1.69 to $14.56.