Tech Stocks in Motion
Viisage Technology (VISGD) shares gained nearly 9% after the identity security company said it named former CIA director George Tenet to its board. The company also named Robert LaPenta, the CEO of private investment management firm L-1 Investment Partners, as its chairman. Viisage shares rose $1.35 to $17.24.
A yearlong runup in shares of Diodes (DIOD) was interrupted after the stock was downgraded at A.G. Edwards. The brokerage lowered its investment rating to hold from buy, saying the shares are properly priced after more than doubling since January. According to the analyst, the incremental profit contribution from a recent acquisition is also reflected in the stock price. Diodes fell 8.7% to $31.12.
Shares of Orckit (ORCT) jumped after its Corrigent Systems unit said WilTel Communications will use one of its networking devices in certain U.S. cities. The product is the CM-100 Packet ADM, an "add drop multiplexer" that helps direct voice and data over networks. Corrigent said it got the deal after a year of analysis and testing by WilTel for a program to expand its metropolitan network system. Orckit rose 10% to $25.22.
CMGI (CMGI) rose after its ModusLink unit launched a Web site where retailers and other clients can liquidate inventory to pre-qualified buyers. The site, ModusLinkAuction.com, is part of a portfolio of services the subsidiary sells to companies trying to reduce liquidation costs. It's a a "low-cost sales venue for maximum margin recovery during asset conversion" where "clients frequently receive bids up to three times higher than if they limited their scope to include only the traditional post-market buyers," CMGI said. Shares rose 2.7% to $1.57.Envoy Communications (ECGI) rose after reporting a 31% rise in fourth-quarter revenue. For the three months ended Sept. 30, the company earned $900,000, or 4 cents a share, on revenue of $11.9 million. A year ago, it lost $300,000, or 1 cents a share, on sales of $9.1 million. "With strong earnings in our North American business, complementing the contribution from the inclusion of our Parker Williams acquisition, this has been a very good year," Envoy said in a release. The shares jumped 19 cents, or 13%, to $1.64. Other technology stocks trading heavily Tuesday included Oracle (ORCL), down 2 cents to $12.30; Sirius Satellite Radio (SIRI), down 1 cent to $6.65; JDS Uniphase (JDSU), down 7 cents to $2.44; Microsoft (MSFT), down 5 cents to $26.78; Intel (INTC), up 25 cents to $26.03; Cisco Systems (CSCO), down 6 cents to $17.41; Sprint Nextel (S), down 25 cents to $24.39; Sun Microsystems (SUNW), down 9 cents to $4.22; Advanced Micro Devices (AMD), up $1.25 to $29.37; Sandisk (SNDK), down $1.42 to $58.30; Applied Materials (AMAT), down 2 cents to $18.41; Dell (DELL), down 51 cents to $31.39; and Apple (AAPL), up 84 cents to $72.22. Get Jim Cramer's picks for 2006.
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