Tech Stocks in Motion

Shares of Airspan Networks(AIRN) were among technology's losers Monday, falling 8% after the wireless networking equipment company said Ernst & Young would resign as the company's independent auditor after completing its interim review of the company's financial results for the period ending Oct. 2, 2005.

Airspan said its financial statements for the fiscal years of 2003 and 2004 did not contain any adverse opinions or disclaimer of opinions. What's more, with the exception of material weaknesses in internal control over financial reporting that were included during fiscal 2004 and during the subsequent interim periods ended April 3, 2005, and July 3, 2005, the company did not have any reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K, it said. Shares were recently trading down 39 cents to $4.66.

PanAmSat(PA) rose 21% after the satellite company agreed to be acquired by rival Intelsat for $3.2 billion in cash. The deal values PanAmSat at $25 a share, representing a premium of 26% over Friday's closing price of $19.80. The combined company will operate 53 satellites serving customers in more than 220 countries and territories. The transaction is expected to close within the next six to 12 months. Shares were trading up $4.10 to $23.90.

Shares of BMC Software(BMC) fell 2% after the company announced the resignation of its chief financial officer. The software company said George Harrington's resignation, which is effective immediately, was "based upon mutual agreement." BMC said treasurer Stephen Solcher would serve as interim CFO until a permanent replacement is found. Finally, Harrington will stay with the company for a short period of time so that he can assist with transition activities. Shares were trading down 48 cents to $19.94.

OmniVision Technologies(OVTI) rose 1% after the company said it signed an exclusive agreement with Lenovo Group to be the strategic supplier of CMOS camera chips for Lenovo's cellular phone business in China. Prior to the agreement, OmniVision had already supplied Lenovo, China's second-largest handset maker, with almost 2 million CMOS sensors since the fourth quarter of 2004. That number is expected to climb significantly under the new agreement, OmniVision said. "The market potential in China is huge, so teaming up with a leading handset maker like Lenovo is a major milestone for OmniVision and key to expanding our leadership position in the China market," OmniVision said. Shares were trading up 19 cents to $14.84.