TeleCommunication Systems (TSYS - Get Report) surged Tuesday as the Annapolis, Md.-based wireless-communications company said it had been selected by the U.S. Army to participate in a five-year, $5 billion satellite-systems contract. As one of six prime contractors awarded, TCS will offer turnkey solutions for emerging communications requirements in support of federal missions worldwide. Contract delivery order work under this contract has already begun. Shares were recently gaining 46 cents, or 20.2%, to $2.74.
Infinity Property and Casualty Corp. (IPCC) advanced after the Birmingham, Ala.-based property and casualty insurance company was upgraded by Morgan Keegan to outperform from market perform. Shares were climbing $2.59, or 6.9%, to $40.40 recently.
Horizon Lines (HRZ) gained after the Charlotte, N.C.-based shipping and logistics services company announced a public offering of 5.3 million shares of its common stock at $14.50 a share. The selling stockholders have also granted the underwriters a 30-day option to purchase up to 795,000 additional shares from them. The company will not be issuing any primary shares in the offering or upon the exercise of the underwriters' option. Shares were climbing 72 cents, or 5%, to $15.22 recently.
Bristow Group (BRS) lost ground after the Houston-based company, which provides helicopter transportation services to the offshore oil and gas industry, said it was offering $200 million of mandatory convertible preferred stock. Bristow intends to use the net proceeds to help fund several purchases of additional aircraft. Shares slipped $1.25, or 3.4%, to $35.08 recently.Dynamic Materials Corp. (BOOM) gained after the Boulder, Colo.-based metalworking company said its explosive-metalworking business has won two contracts collectively valued at $8.7 million. The contracts call for the production of explosion-welded plates to be used in a major nickel hydrometallurgy project in Madagascar. The orders were placed by Chinese and European fabricators working on the project. Both orders are expected to ship during the first half of fiscal 2007. Shares gained $2.21, or 6.6%, to $35.82 recently.