Shares of Embarcadero Technologies (EMBT) were among technology's losers Monday, sinking 18% after the software company terminated an agreement to be acquired.
Embarcadero and EMBT Holding, an affiliate of investment firm Thoma Cressey Equity Partners, mutually agreed to scuttle the deal, Embarcadero said. The buyout was valued at $234 million, or $8.38 a share in cash. In addition to the merger termination, Embarcadero said it would need to restate its historical financial statements because it backdated stock options. The company's shares were trading down $1.28 to $5.69.
SanDisk (SNDK - Get Report) rose 4% after the maker of flash memory cards announced a $300 million stock buyback plan. The company plans to buy the shares over a two-year period. "SanDisk has adopted this repurchase program in order to opportunistically reduce the level of stockholder dilution caused by the issuance of employee equity incentive awards," the company said. "The size of this share repurchase program is less than the amount of cash generated from equity incentive exercises and related tax benefits over the past two years." Shares were trading at $44.04, up $1.53.
Shares of American Superconductor (AMSC - Get Report) slid 11% after the maker of electronic converters warned that third-quarter results would be well below expectations. For the December quarter, the company sees a loss of $9 million to $11 million, or 28 cents to 33 cents a share. Analysts polled by Thomson First Call project a loss of 19 cents a share. American Superconductor predicts revenue of about $9 million, below Wall Street's forecast of $12.4 million.The company attributed the weak outlook to a delay in receiving Department of Energy funding for a power grid project and a delay in a motor delivery to the Navy. Shares of American Superconductor were down $1.22 to $9.63.