Stocks in Motion: Napster
Updated from noon EDT
Napster (NAPS) rose 2% after the digital music outfit rolled out a partnership with telecom supplier Ericsson (ERICY). The companies plan what they called "the first complete, fully integrated digital music service available for mobile operators." The service is due to start in Europe over the next 12 months and will initially be offered to operators in select markets in Europe, Asia, Latin America and North America. The deal comes just a day after Sprint (FON) and Sirius (SIRI) arranged a mobile music partnership of their own. On Wednesday, Napster rose a dime to $4.43.
Some gambling-equipment stocks surged Wednesday after Shuffle Master (SHFL), International Game (IGT) and Progressive Gaming (PGIC) set a product-integration pact. Terms weren't disclosed, but the deal calls for Shuffle Master to provide automatic card shufflers, while IGT will offer back-end table gaming management systems and Progressive will bring RFID bet recognition to the table. Progressive soared 9%, rising $1.28 to $15.75, while Shuffle Master rose $1.27 to $28.05 and IGT added 43 cents to $29.42.
Sysco (SYY) fell 2% after the food-service giant said Tom Lankford would step down as president and operating chief. The Houston-based company said CEO Richard Schneiders would take over Lankford's roles, effective July 2. Lankford, 57, has worked for the company for 41 years, including more than two in his current job. Sysco fell 89 cents to $36.90.Golden West (GDW) rose 4% after the California-based thrift posted May assets of $115.5 billion, up from $114.2 billion in April and $90.3 billion a year earlier. The company, which runs 281 savings branches in 10 states and lending operations in 38 states, saw its shares rise $2.25 to $63.79. Cosi (COSI) rose 12% Wednesday after the sandwich chain sold 5.1 million shares at $6.30 apiece in an offering through SG Cowen and RBC Capital Markets. The Deerfield, Ill., company said last month in a regulatory filing that it would use the proceeds in part to develop company-owned restaurants. Cosi rose 75 cents to $7.14. New York Stock Exchange volume leaders Wednesday included Lucent (LU), down 4 cents to $2.87; Wal-Mart (WMT), up 17 cents to $49.85; Time Warner (TWX), flat at $16.79; Pfizer (PFE), up 4 cents to $28.43; and Calpine (CPN), up a dime to $3.45. Nasdaq volume leaders included Intel (INTC), up 24 cents to $26.94; Oracle (ORCL), up 14 cents to $12.62; Microsoft, down 10 cents to $25.26; Cisco (CSCO), up 14 cents to $19.32; and Apple (AAPL), up $1.13 to $37.13.
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