Tech Stocks in Motion
Wave Systems (WAVX) rose 6.3% after the company said it received an order from the U.S. Military Academy's IT Operations Center. As part of the deal, Wave Systems will provide a suite of technology products for West Point's Secure Dissemination and Data Retrieval Computer System project. Financial terms were not disclosed. Shares traded up 8 cents to $1.36.
Shares of Symantec (SYMC) and Veritas Software (VRTS) traded actively Thursday after Symantec agreed to buy Veritas for about $13.5 billion in stock. Under the terms of the deal, Veritas shareholders will receive 1.1242 shares of Symantec for each Veritas share they own. After the acquisition is completed, Symantec shareholders will own 60% of the combined company, while Veritas shareholders will own 40%. The deal, which is expected to close during the second quarter of 2005, is expected to be accretive during the first combined year of operations. Shares of Symantec traded down $2.25 to $25.13; Veritas traded down 12 cents to $27.99.
Other technology volume leaders included Sirius Satellite Radio (SIRI), down 47 cents to $7.18; Microsoft (MSFT), up 5 cents to $27.16; Cisco (CSCO), unchanged at $19.40; Lucent (LU), up 13 cents to $3.73; Nextel Communications (NXTL), up $1.08 to $29.78; and Intel (INTC), down 27 cents to $22.87.
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