Monday's Tech Winners & Losers
Agere shareholders will receive 2.16 shares of LSI for each share they hold. The deal values Agere at $22.81 a share, a 28% premium over the company's closing price of $17.79 on Friday. The deal is expected to close during the first quarter of 2007. Shares of Agere were trading up $1.93 to $19.72; shares of LSI tumbled $1.24, or 12%, to $9.32.
SimpleTech (STEC) shares surged 17% after the flash-memory concern boosted its fourth-quarter forecast. The company now sees earnings of 17 cents to 18 cents a share, up from an earlier view of 15 cents to 16 cents. SimpleTech also lifted its revenue projection to $105 million to $107 million from a prior view of $95 million to $100 million. Analysts polled by Thomson First Call have an average estimate for earnings of 15 cents a share and revenue of $97.7 million.
SimpleTech attributed the higher guidance to strong performance in its original equipment manufacturer and consumer divisions. Shares were adding $1.57 to $10.35.
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