Tech Stocks in Motion
Shares of Nortel Networks (NT) rose 7% after the company said that its chief operating officer, industry veteran Mike Zafirovski, would succeed Bill Owens as chief executive Nov. 15. Nortel said that Zafirovski is "the right leader to build on the important work of Bill Owens -- and take Nortel to the next level." Over Zafirovski's 30-year career, he served in a number of positions at General Electric (GE) and Motorola (MOT). Shares of Nortel recently traded up 23 cents to $3.53.
Overland Storage (OVRL) rose 2% after the data-storage company expanded its share repurchase plan. The company is now able to repurchase up to 2.5 million shares without a maximum dollar limit, which, at current prices, would represent about $20 million in stock. Previously, Overland had been authorized to purchase up to $10 million in stock. "The board of directors believes that the current share price of Overland common stock does not reflect the intrinsic value of the company," the company said. Shares were trading up 14 cents to $8.03.
Shares of Anteon International (ANT) fell 2% after the information-technology services company said it acquired privately held Milestone Group for $31.5 million. Milestone, which recorded sales of roughly $21 million for the 12 months ended Sept. 30, is expected to boost Anteon's earnings but, given the timing of the deal, isn't expected to increase the company's earnings during 2005. Shares of Anteon were trading down $1.03 to $42.01.
Other technology movers included Lucent Technologies (LU), up 12 cents to $3.18; Microsoft (MSFT), down 16 cents to $24.51; Oracle (ORCL), up 18 cents to $12.49; Intel (INTC), up 3 cents to $23.26; Cisco (CSCO), down 2 cents to $17.25; Apple Computer (AAPL), down $1.08 to $52.92; Sirius Satellite Radio (SIRI), up 2 cents to $6.19; Sun Microsystems (SUNW), down 3 cents to $3.95; Applied Materials (AMAT), down 1 cent to $17.32; and SanDisk (SNDK), up 41 cents to $50.85.
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