Tech Stocks in Motion
Shares of AirNet Communications (ANCC) were among technology's winners Tuesday, rising 27% after the wireless equipment company said that second-quarter sales would be better than expected.
The company now expects sales of $4.5 million to $5.5 million, up significantly from its previous guidance of $2.5 million to $4 million. A year ago, the company posted sales of $5.4 million. AirNet said that its marketing efforts helped its second quarter. The company also said that it expects to report positive cash flow from operations during the second quarter. Shares were trading up 37 cents to $1.74.
SeeBeyond Technology (SBYN) rose 30% after the company agreed to be acquired by Sun Microsystems (SUNW) for about $387 million in cash. Terms of the deal call for SeeBeyond shareholders to receive $4.25 a share in cash, representing a 30% premium to Monday's closing price of $3.28. The deal is expected to close in early Fall 2005. Shares of SeeBeyond were recently trading up 97 cents to $4.25 while shares of Sun Microsystems were trading down 1 cent to $3.68.
Shares of WPCS International (WPCS) rose 11% after the company said that it received new contract wins worth about $5.3 million. The new contracts call for wireless infrastructure services, general construction and specialty communication systems. Work under the contracts will be done for the Port Authority of New York and New Jersey, Princeton University, Lockheed Martin (LMT), Mohegan Sun Casino, Sybase (SY), New Jersey State Police, State of California Transportation Agency, Bechtel and the State of New Jersey. Shares were trading up 61 cents to $6.07.Lionbridge Technologies (LIOX) soared 33% after the company said that it would acquire Bowne Global Solutions, a division of Bowne & Co. (BNE) for at least $180 million in cash and stock. The deal, which should close during the third quarter of 2005, is expected to be accretive to Lionbridge's earnings during the first full quarter of combined operations. Bowne will receive no less than $180 million in the deal, which will be comprised of $130 million in cash and up to 9.4 million in shares of Lionbridge stock, subject to adjustment. The combined company expects to realize cost savings of $15 million to $20 million during 2006. Shares of Lionbridge were trading up $1.58 to $6.31.
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