Shares of Magic Software Enterprises (MGIC - Get Report) were among technology's winners Monday, soaring 72% after the software company signed a three-year distribution deal with IBM (IBM - Get Report).
As part of the deal, Israel-based Magic will bundle IBM's DB2 Express database with its eDeveloper V10 system, which is a business-applications creator. "The DB2 agreement is a further step in strengthening the relationship and the mutual understanding between IBM and Magic," Magic Software said. Shares were trading up $1.02 to $2.43.
Concurrent Computer (CCUR - Get Report) fell 3% after the company warned that fourth-quarter results would be lower than expected and announced a restructuring plan. The company now sees a fiscal fourth-quarter loss of about 5 cents to 7 cents a share. Concurrent expects revenue for the period ended June 30 to total $15 million to $17 million. Analysts polled by Thomson First Call project a loss of 1 cent a share and revenue of $21.5 million. The company also said that gross margins would be in the mid-40% range. Concurrent blamed the shortfall on international On-Demand sales, which were hurt by the timing of some deployments.
The company also said it cut some 7% of its employees as part of a restructuring plan. "This is part of our ongoing efforts begun approximately 18 months ago to achieve the operating model of a software company and generate shareholder value," the company said. Shares were trading down 6 cents to $1.75.Shares of Ituran Location and Control (ITRN - Get Report) rose 9% after the provider of tracking services announced a $10 million share-repurchase program. Ituran did not set a time limit for the repurchase plan and said the program could be suspended from time to time or discontinued altogether. The company will fund the buyback with available working capital. Shares traded up 96 cents to $14.32. Innovex (INVX) fell 8% ahead of its third-quarter earnings release after the bell. For the period ended June 30, Wall Street predicts the company will post a loss of 8 cents a share on revenue of $39 million. During the year-earlier period, the company reported a pro forma loss of $665,000, or 3 cents a share, on revenue of $60 million. Shares were trading down 31 cents to $3.58.