Monday's Tech Winners & Losers
Shares of Merge Technologies (MRGE) were among technology's losers Monday, sinking 12% after the software company announced the resignation of its interim co-chief executive.
The company said that Brian Pedlar's resignation is effective Aug. 18. Robert White, Merge's other chief executive, will continue to serve as interim CEO, the company said. White and Pedlar were named co-CEOs in July after several of Merge's top executives resigned amid a probe into allegations of financial impropriety. Merge said it is looking for a full-time replacement for Pedlar. Shares were down 90 cents to $6.78.
Shares of Qiao Xing Universal Telephone (XING) rose 3% after the telecom-products company issued its second-quarter guidance. The company estimates that its second-quarter sales rose 36% to $96.4 million. The company said its gross profit climbed 90% to $17.8 million. Expenses, meanwhile, are expected to show an increase of 25% to $4.9 million. "We are pleased to bring you these estimates of key financial data for the second quarter of 2006," the company said. "They are highly satisfactory and indicate that the fundamentals of Xing's operations are sound."
Xing continues to see full-year earnings growth of 35%, with a 30% sales rise. Shares recently were trading up 32 cents to $11.44.Shares of Photon Dynamics (PHTN) rose 9% after the maker of flat-panel production equipment said it would repurchase up to 1.1 million shares. The company has about 17 million shares outstanding. "This decision reflects our confidence in our company's financial position, as well as in our market position and strategy for future growth," Photon Dynamics said. The buyback announcement comes just five days after the company announced the resignation of its chief financial officer. Shares were trading up $1.10 to $12.81.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV