Tech Stocks in Motion
Updated from 1:04 p.m.
Shares of C-Cor Electronics (CCBL) were among technology's losers Wednesday, falling 8.8% after the company cut its third-quarter forecast by a wide margin.
The Internet services and products company now expects to post a loss of 34 cents to 38 cents a share on sales of $47 million to $49 million. Earnings projections include a $2.7 million charge for in-process research and development, and a $1.7 million charge for amortization of intangible assets, or 9 cents a share.
In January, the company said it expected to post a third-quarter loss of 4 cents to a profit of 2 cents on sales of $70 million to $75 million. C-Cor blamed the shortfall on higher-than-expected purchase accounting adjustments to deferred revenue, which are related to its acquisition of nCube, and to customer orders late in the quarter that won't be recognized in time to be counted for the third quarter. C-Cor expects to release third-quarter results on April 21. Shares traded down 62 cents to $6.41.B.O.S. Better On-Line Solutions (BOSC) rose 13.6% after one of the company's business units signed a contract with the Israeli aircraft industry. The five-year, $3 million contract calls for B.O.S. to manufacture electromechanical components that are intended for use in production lines of the aircraft industry. Shares traded up 38 cents to $3.18. Shares of Giga-tronics (GIGA) rose 93.4% after the company announced a multiyear agreement with Boeing (BA). The agreement calls for Giga-tronics' Microsource subsidiary to produce fast-tune synthesized filter systems for the F/A-18 E/F aircraft. The agreement, which is expected to run for five years, is worth between $7.6 million and $11.6 million. Shares traded up $2.99 to $6.19. Digital Impact (DIGI) rose 4.3% after the company was selected by Royal Caribbean International to create and execute online direct marketing campaigns for the company. The campaign is aimed at helping Caribbean better communicate with prospects and customers. Shares traded up 9 cents to $2.18.
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