Today's Tech Winners and Losers
Shares of IDT (IDT) were among technology's winners Tuesday, climbing 18% after the telecom services company agreed to sell its entertainment unit to Liberty Media (LINTA) in exchange for all of Liberty's interests in IDT, $186 million in cash and the assumption of debt.
"This transaction furthers our strategy of converting investments into strategic operating businesses that have synergies with our current companies," Liberty Media said. "IDT Entertainment and Starz is a great combination. We have appreciated our long friendship with IDT and look forward to the next phase of our partnership." Shares of IDT were trading up $1.97 to $13.12.
Cognos (COGN) slid 11% after the software company delayed the filing of its annual report because of an ongoing review by the Securities and Exchange Commission. Cognos said the review could affect the way it allocates revenue. "The staff review relates primarily to the manner in which Cognos allocates revenue for post-contract customer support (PCS) in customer contracts having multiple elements such as PCS and license," the company said. "In particular, the SEC staff and Cognos have been discussing the company's practices for establishing vendor-specific objective evidence for the fair value of PCS in these contracts for the purpose of allocating revenue to the PCS and license components." Shares were trading down $3.83 to $30.76.
Shares of Camtek (CAMT) jumped 13% after the company, a maker of optical inspection systems for the semiconductor industry, said it swung to a first-quarter profit. The company earned $4.4 million, or 16 cents a share, on revenue of $24.9 million. A year earlier, Camtek posted a loss of $2.4 million, or 9 cents a share, on revenue of $9.1 million.Looking ahead, Camtek continues to forecast second-quarter revenue of $26 million to $29 million. For the full year, the company now sees revenue of $100 million to $110 million, up from an earlier forecast of $90 million to $100 million. Shares were trading up 85 cents to $7.35.
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