Wednesday's Winners and Losers: Ultralife Batteries
Chinese search engine provider Baidu.com (BIDU) was up 5%, extending its gains from last week. Shares of Baidu added $19.09 to $399.67.
Business software maker NetSuite (N) fell 6.6%, giving up some gains from its stock market debut last week, when shares had climbed to a high of $45.98. The stock was recently down $2.55 to $36.20.
Among the day's winners, MRV Communications (MRVC) saw shares rise 21.4% to $2.50 after Source Photonics, a subsidiary of the Chatsworth, Calif., communications equipment maker, registered with the Securities and Exchange Commission for an initial public offering. Terms were not disclosed.
Meanwhile, Newark, N.Y.-based Ultralife Batteries (ULBI) jumped 16.5% to $19.52 after announcing it had landed a $40 million defense subcontract from an unidentified U.S. defense contractor to supply advanced communication systems. This order is a follow-on to another $62 million deal made announced last week. Ultralife said it expects to deliver the systems sometime in 2008.Most financial stocks were losing ground amid broad-market pressure and Buffett's comments on the sector. Troubled banking giant Citigroup (C), for example, shed 1.7% to $30.45, and Ohio bank National City (NCC) surrendered 2.1%. Among the solid financial gainers was investment firm Ampal-American Israel (AMPL), which signed with Israel-based Merhav for the option to buy up to 35% equity of a sugar cane ethanol production venture in Colombia. Merhav is developing the project, said Ampal, and has inked a memorandum of understanding to buy between 25% and 35% of it from Columbian petroleum firm Ecopetrol.
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