Stocks in Motion: Sirius
Updated from 11:35 a.m. EDT
Sirius Satellite Radio (SIRI) traded up 6% after saying it has developed a new technology that will boost network capacity. The technology, known as hierarchical modulation, will allow Sirius to offer additional audio channels, as well as advanced services such as data and video, without reducing the quality of broadcasts. The company expects to begin offering services using the new technology in the second half of 2006. The stock closed up 34 cents to $5.99.
Shares of Taser International (TASR) rose 3.5% after the company got a $1.4 million order from the U.S. military. The company said the order, expected to ship in the second quarter, is for Taser X26 devices and related accessories. "It is exciting to see the U.S. military place an order of this size after deploying our services in different locations and capacities around the world," said Tom Smith, president of Taser International. The stock finished up 38 cents to $11.22.
Shares of Florida-based agribusiness Alico (ALCO) rose 1.2% after its board declared a special dividend of $1, payable on July 15 to stockholders of record as of June 30. The company also said it would pay regular quarterly dividends of 25 cents, payable around Oct. 15 to shareholders of record Sept. 30. The stock closed down 17 cents to $50.76 after trading as high as $52.28.Defense contractor Lockheed Martin (LMT) got a $36.4 million contract to deliver and install two additional P-3C Anti-Surface Warfare Improvement Program kits and install three previously ordered kits for the U.S. Navy's P-3C Update II.5 patrol aircraft. The P-3 is the primary maritime surveillance aircraft operated by the U.S. Navy. Its primary role involves anti-submarine warfare. "By extending the upgrades to the Update II.5 aircraft, the Navy has greater flexibility to cover its various missions with the improved surveillance capabilities," said Richard Ambrose, president of the Lockheed Martin Maritime Systems & Sensors Tactical Systems line of business. The stock traded down 57 cents, or 0.87%, to $64.58. Food producer Ralcorp (RAH) agreed to buy Medallion Foods, a corn-based, snack-products manufacturer. Terms weren't disclosed. Medallion had net sales of $42.8 million for the year ended Dec. 31. The deal is expected to close by June 30. Ralcorp will finance the acquisition primary through borrowings under its $150 million revolving credit facility. The stock closed up 9 cents to $38.60. NYSE volume leaders included Morgan Stanley Dean Witter (MWD), up $1 to $50.88; Nortel Networks (NT), up 2 cents to $2.60; Elan (ELN), down 35 cents to $6.78; and Time Warner (TWX), up 9 cents to $16.75. Nasdaq volume leaders included Intel (INTC), up 2 cents to $27; Microsoft (MSFT), down 12 cents to $25.31; and Sun Microsystems (SUNW), down 5 cents to $3.64.
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