Tech Stocks in Motion
Shares of LightPath Technologies (LPTH) were among the technology sector's biggest winners Monday after teh company received a contract to provide delivery systems for a laser project. The three-year agreement is with Ball Corp.'s (BLL) aerospace unit. LightPath will provide its Fusion fiber delivery systems for use in laser delivery applications. Shares soared $2.72, or 109%, to $5.22.
Shares of IBM (IBM) fell after being downgraded Monday by analysts at J.P. Morgan. The brokerage said the stock, which has run up about 10% since July, is vulnerable to competitive risks at the company's hardware and services sector and may now be adequately priced. Although J.P. Morgan praised IBM's recent momentum in mainframes, semiconductors and cost-reduction, it downgraded the shares to neutral from outperform. In recent trading, IBM was down $1.10, or 1.3%, to $83.85.
Shares of International DisplayWorks (IDWK) rose after the company announced a new supply agreement. Roseville, Calif.-based International DisplayWorks said it has begun shipments under the pact, in which it is providing monochrome and color displays to SanDisk (SNDK) for use in MP3 players. The company projected revenue under the pact of more than $20 million over the next 12 months. Shares of International DisplayWorks recently added 36 cents, or 6%, to $6.36.
Amazon.com (AMZN) fell after the stock was cut to underweight from neutral at J.P. Morgan. The brokerage warned that stiff competition in the ecommerce space could force Amazon into more capital spending, and said that could eat into margins this year and next. J.P. Morgan also said Amazon's growth isn't matching the rest of the Internet commerce space. In recent trading, shares fell 97 cents, or 2%, to $46.90.Mercury Interactive (MERQ) rose after the company announced an acquisition in the so-called "service-oriented architecture" sector of Web services software. Mercury, which last week saw its shares delisted by the Nasdaq due to filing violations, said it will pay $105 million for Systinet Corp., a five-year-old firm based in Burlington, Mass. Systinet specializes in software that lets programs talk to each other in a commercial setting. In recent trading, Bulletin Board-listed shares of Mercury were up 15 cents to $30.60.
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