Tuesday's Tech Winners & Losers
Shares of Multi-Fineline Electronix (MFLX) were among technology's winners Tuesday, climbing 7% after a special committee of the company's board withdrew its recommendation to purchase Singapore-based MFS Technology.
The committee believes the acquisition, which was first announced on March 30, "is contrary to the best interests of M-Flex and its unaffiliated stockholder," M-Flex said. The committee based its decision, in part, on "significant decreases in MFS' net sales and net income for the third quarter of fiscal year 2006."
M-Flex, a maker of assembly systems used by the electronics industry, said it submitted an application with Singaporean officials to immediately withdraw the MFS offer. Shares were trading up $1.33 to $19.59.
XM Satellite Radio (XMSR) rose 12% after Bear Stearns lifted its rating on the stock. The brokerage firm, which boosted its rating to outperform from underperform, said XM's recent difficulties have dissipated. Bear Stearns also said that a pending Federal Communications Commission authorization of XM's devices could provide a boost to the company in the near future. XM shares recently were $1.42 higher to $12.66.Shares of Inter-Tel (INTL) fell modestly after the company confirmed that it received a revised unsolicited acquisition bid from CEO Steven Mihaylo and Vector Capital for $23.25 a share in cash. Inter-Tel said it plans to review the group's offer, which was made early Monday, in due course. Shares were down 16 cents to $21.53.
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