Mondays' Tech Winners & Losers
Updated from 1:17 p.m. EDT
Tech stocks were moving higher Monday, as merger and analyst news trumped a disappointing earnings report from En Pointe Technologies (ENPT).
Shares of En Pointe Technologies tumbled 30.5% after the company reported lower third-quarter earnings. The company earned $400,000, or 6 cents a share, on revenue of $100 million. A year ago, the company earned $1 million, or 14 cents a share, on revenue of $95.6 million. The company said that earnings were hurt by increased selling and marketing costs. Shares were down $1.35 to $3.07.
Meanwhile, shares of Moldflow (MFLO) got hammered after the software company moved its fourth-quarter earnings release to Aug. 23. The company had originally scheduled the release for Aug. 7. The company did not offer a reason for the schedule change. Shares closed down $4.66, or 22.4%, to $16.12.Elsewhere, Intuit (INTU) rose 7.7% after Merrill Lynch upgraded the software company to neutral from sell. Merrill said the stock, which is down some 20% since October, is entering a period that it usually strong for the stock. Shares closed up $2.16 to $30.26. Radiant Systems (RADS) rose 5.1% after the tech services company said that it signed a new reseller agreement with Rinpak Technology. "The agreement enables Rinpak to sell and support Radiant's comprehensive suite of hospitality software and hardware solutions to operators in China's rapidly growing restaurant industry," Radiant said. The new agreement strengthens Radiant's existing presence in the Chinese market. Shares closed up 68 cents to $14.13. Finally, shares of Infocrossing (IFOX) rose 2.4% after the technology services company agreed to be acquired by Wipro (WIT) for more than $400 million, or $18.70 a share. The price represents a 5% premium to Infocrossing's closing price of $17.73 on Friday. The deal is expected to close by the fourth quarter. Shares of Infocrossing closed up 42 cents to $18.15. As for the broader technology sector, the Nasdaq 100 was trading up 35.81 points to 1954.37.
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