Tech Stocks in Motion
Updated from 2:16 p.m. EDT
Shares of Alliance Data Systems (ADS) traded up 3.06% after it announced that its board approved a stock repurchase program for up to $80 million worth of common shares over the next 12 months. The company said it will make purchases in both the open market and private transactions. The stock closed up $1.09 to $36.70.
Shares of XM Satellite Radio (XMSR) were down 1.63% after the company sold 9.7 million new shares in a public offering underwritten by UBS, which resulted in gross proceeds of $300 million. The company said it will use the proceeds for working capital and general corporate purposes. The closing offering is expected to end on June 14. The stock traded down 52 cents to $31.31.
ITT Industries (ITT) traded up 1.24% after the company said it expects second-quarter earnings to come in the high end of its previous guidance of $1.28 to $1.32 a share. "We are pleased with the continued growth in our water/wastewater business and our defense segment," said Ed Williams, chief financial officer at ITT. The stock closed up $1.16 cents to $94.73.UTi Worldwide (UTIW) fell 7.27% after the company said it earned $17.8 million, or 55 cents a share, for the first quarter ended April 30, compared with $12.8 million, or 40 cents a share, a year ago. Net revenue for the quarter was $221 million, while gross revenue was $630.2 million. Analysts expected a profit of 55 cents a share. The company said both gross and net revenue were driven by last year's acquisition of International Healthcare Distributors in South Africa and Unigistix in Canada. The stock ended the day down $5.27 to $67.25. Shares of Altair Nanotechnolgies (ALTI) rose 3.97% after Advanced Battery Technologies (ABAT) announced the successful completion of phase I tests utilizing Altair's Lithium Titanate Spinel Electrode Nanomaterials in its PLI batteries. The results showed significant improvement in recharge time to just 30 to 45 minutes, compared with a recharge time of 3 to 3.5 hours for existing PLI batteries. Shares of Advanced Battery traded up 4 cents, or 2.29%, to $1.79. Altair traded up 11 cents to $2.88. Other tech stocks on the move were Applied Materials (AMAT), up 51 cents to $17.40; Cisco Systems (CSCO), up 6 cents to $19.47; Research In Motion (RIMM), down $3.89 to $73.55; and Google (GOOG), up $6.75 to $286.31.
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