Tech Stocks in Motion
Updated from 1:08 p.m. EST
Shares of PacificNet (PACT) were among technology's winners Monday, rising 37.8% after the information technology services company raised its fourth-quarter sales outlook.
The company now expects fourth-quarter sales of $10 million to $11 million, up from previous guidance of $8 million to $10 million. Earnings, meanwhile, are expected to be up by more than 100% compared with third-quarter earnings, when the company earned $136,000, or 2 cents a share. For the entire year, PacificNet expects to post a profit on sales of $30 million. During 2003, the company posted a loss of $1.88 million on sales of $1.2 million. Shares traded up $2.48 to $9.05.
Millennium Cell (MCEL) rose 37.6% after the developer of hydrogen energy systems entered into a joint development agreement with Dow Chemical (DOW) that calls for the development and commercialization of portable fuel cell systems. As part of the deal, Dow will be granted a 3% equity position in Millennium that could grow based on milestones. Shares of Millennium traded up 65 cents to $2.38.Shares of Orckit Communications (ORCT) rose 11.5% after the networking company announced a 3-for-1 stock split. The company will ask shareholders to increase the company's authorized share total to 50 million shares, up from 10 million shares. After the stock split, which is expected to occur in early April, the company will have 13.6 million shares outstanding, up from 4.5 million. Shares traded up $5.41 to $52.55. XM Satellite (XMSR) rose 14.7% after the company said it would expand its basic service and raise its monthly fee to $12.95. XM said current subscribers could lock in a $9.99 a month price if they're willing to pay for a year's worth of service in advance. Deeper discounts will be offered to those who opt for longer plans. Beginning April 2, XM's expanded basic service will include the Internet service XM Radio Online (previously $3.99 a month) and the High Voltage channel (previously priced at $1.99 a month). "Together, these initiatives should result in XM exceeding its current target of 20 million customers by 2010," the company said. Shares traded up $4.23 to $32.96.
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