Tech Stocks in Motion
Updated from 12:45 p.m. EST
Shares of Arotech (ARTX) were among technology's winners Tuesday, rising 15% after the company said that its Electric Fuel Battery subsidiary received a contract to supply up to $24 million in zinc-air batteries and adapters to the Defense Department.
The three-year deal, which was awarded by the U.S. Army's communications and electronic command arm, follows a previous sole-supplier contract that Arotech had with the Army. The latest deal means that Arotech will continue to be the Army's sole source for fielded, high-power zinc-air batteries. Shares traded up 20 cents to $1.53.
Sirenza Microdevices (SMDI) fell 12.5% after the company slashed its first-quarter sales outlook. The supplier of radio-frequency components now expects sales of $12 million to $12.5 million, down from previous guidance of $15 million to $16 million. Analysts polled by Thomson First Call are expecting earnings of 3 cents a share on sales of $15.5 million. "Given the strength we saw in our business in 2004," the company said, "we are disappointed that our sales have not tracked the forecasts provided by us by our major OEM customers for the first quarter." Sirenza said that several factors hurt its results, but lower-than-expected demand and deferrals of previously forecast orders hurt results the most. Sirenza plans to release its second-quarter results on April 19. Shares traded down 47 cents to $3.30.Shares of PacificNet (PACT) rose 9.9% after the call center and telecom services company said that it expects to meet or exceed its previously issued fourth-quarter financial guidance. On Feb. 28, the company said that it would post earnings that are up by more than 100% compared with the third quarter, when it earned $136,000, or 2 cents a share. It also said that it expected to post sales of $10 million to $11 million. PacificNet said that it plans to ask the Securities and Exchange Commission for an extension to file its annual report. PacificNet said the additional time is needed because of a "significant increase in the scale of operations and a greater number of accounts to consolidate as a result of recent acquisitions." The company plans to file its 10-K and release its fourth-quarter earnings on or before April 15. Shares traded up 76 cents to $8.41.
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