Monday's Tech Winners & Losers
Even though the broader technology market stumbled out of the gate, there were a number of tech names heading higher Monday.
Inforte (INFT) jumped 29% after the software company agreed to be acquired by Business & Decision Group for $50 million. The all-cash deal represents a 33% premium to Friday's closing price of $3.20. "This transaction benefits our customers, employees and shareholders," said Inforte. "Business & Decision is at the forefront of business intelligence and CRM solutions and this makes it an ideal partner for Inforte, which is known as a best-in-class provider of SAP business intelligence and visionary CRM solutions." The deal is expected to close in about 90 days. Shares of Inforte were recently trading up 93 cents to $4.13.
Elsewhere, Canadian Solar (CSIQ) jumped 13% after the company posted a narrowed first-quarter loss and said that second-quarter revenue would top Wall Street's forecasts. The company reported a loss of $3.9 million, or 14 cents a share, on revenue of $17.5 million. Analysts polled by Thomson Financial expected a loss of 12 cents a share on revenue of $17.6 million. During the year-earlier quarter, the company posted a loss of $7.1 million, or $0.46 a share, on revenue of $8.8 million.
Looking ahead, the company sees second-quarter revenue of $55 million to $58 million on operating income, excluding items, of $1.5 million to $1.6 million. Analysts project revenue of $49 million. Shares were trading up $1.31 to $11.52.Meanwhile, Silicom (SILC) rose 5.9% after the servers manufacturer said it secured a design win from one of the "world's largest" telecom equipment makers for its multiport adapters. "The customer will use these high-performance products to enhance the connectivity of its new security appliance product line," Silicom said. Financial terms of the deal were not disclosed. Additionally, Silicom did not disclose the identity of the customer. Shares of Silicom were trading up $1.22 to $21.87.
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