Tech Stocks in Motion
Updated from 12:53 p.m. EDT
Shares of Japanese Internet company Internet Initiative Japan (IIJI) rose 18.8% after the company said it would provide Toshiba with antispam software in two parts: IIJ Edge Filter and IIJ Spam Mail Filter. The Edge Filter identifies and restricts mass spam that is sent to a single server. The Spam Filter determines a spam rating for all incoming mail and filters them on that basis. Toshiba saw a 30% drop in mail traffic after the implementation of the Edge Filter, and the performance is expected to increase after the Spam Filter is brought online. The stock finished up $2.20 to $13.90.
Shares of satellite and wireless communications provider ViaSat (VSAT) traded up 3.6% after the company won a $60 million delivery order for multifunctional information distribution system terminals from the Space and Naval Warfare Systems Command in San Diego. The system provides secure, high-capacity, jam-resistant digital data and voice communications capability for the U.S. armed forces. Delivery for the Lot 6 units is expected to begin in April of next year and continue through the fourth quarter of ViaSat's fiscal year 2007. The stock closed up 77 cents to $22.04.
Intel (INTC) set up a $200 million venture capital fund that will invest in Chinese technology companies developing hardware and software services. The Intel Capital China Technology Fund will invest in companies that complement Intel's technology initiatives and will help further build the Internet infrastructure in China. "We will invest in Chinese companies to accelerate technology adoption locally and to foster development of innovative technologies with potential for global distribution," said CEO Paul Otellini. The stock finished up 2 cents to $27.Shares of electronic power converter company American Superconductor (AMSC) traded up 23.6% after it was upgraded by Needham Equity Research to buy from hold. The firm cited valuation and long-term prospects, saying the recent selloff is unwarranted. Though the firm doesn't see the company reaching profitability until fiscal 2007, it has placed an $11 price target on the stock. American Superconductor closed up $1.82 to $9.45.
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