Tuesday's Tech Winners & Losers
Shares of TeleCommunication Systems (TSYS) were among technology's winners Tuesday, jumping 15% after the provider of wireless communications said that it is one of six contractors chosen by the Army to participate in a five-year, $5 billion satellite system contract.
As part of the indefinite delivery/indefinite quantity contract, TeleCommunication Systems will provide its entire SwiftLink suite of products. The company said that contract delivery work has already begun. "The contract advances TCS' sales growth in the market segment and provides opportunities for TCS to extend its well-established reputation across a larger government customer community," the company said. Shares were trading up 33 cents to $2.61.
Level 3 Communications (LVLT) climbed 5% after YouTube selected the company to support its online video entertainment service. Level 3 will provide high-speed Internet access via multiple 10-gigabits-per-second ports.
"We selected Level 3 because we needed a carrier with a highly advanced, stable, scalable network and a service portfolio that would enable us to manage the magnitude of growth that we continue to experience with more than 100 million videos being watched per day on our site," YouTube said. Financial terms weren't disclosed. Shares of Level 3 advanced 25 cents to $4.60.Metrologic Instruments (MTLG) rose 3% after the maker of bar-code scanner systems agreed to be taken private. Private equity firm Francisco Partners, Metrologic CEO C. Harry Knowles, and Elliot Associates will pay Metrologic shareholders $18.50 a share in cash, representing a premium of 5% over Monday's closing price of $17.67. The deal is expected to close during the fourth quarter. Shares were trading up 48 cents to $18.15.
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