Monday's Winners & Losers: Radyne
RIM also said it has set up a BlackBerry Partners Fund, a $150 million venture capital fund, in partnership with RBC and Thomson Reuters to drive development of mobile applications and services for the BlackBerry and other mobile platforms.
One of the big winners of the day was Stifel Financial (SF), which shot up 13.1% after it informed the market of its 62% increase in first quarter profits. Revenue was driven upward by last year's acquisition of Ryan Beck. The regional brokerage based out of St. Louis also announced a three-for-two stock split and the shares responded favorably by rocketing up $6.14 to $53.04.
Phoenix, Ariz.-based Radyne (RADN) saw shares soar 44% to $11.11 on news that Comtech (CMTL) will buy the maker of communication network systems for $11.50 a share in cash. Comtech was gaining 3.8% to $42.85.On the flip side, shares of IndyMac Bancorp (IMB) slumped after the mortgage lender wrote down the value of its mortgage-backed securities and said it did not expect to have a profitable quarter in 2008. The market punished the lender selling off the stock by 9.9% to $3.09. Shares of wireless broadband provider Clearwire (CLWR) fell $1.03, or 7.3%, to $13.07 after iPCS, the largest independent affiliate of Sprint Nextel, sued Clearwire to block it from forming a new venture in partnership with Sprint Nextel. Gencor (GENC), an Orlando, Fla., maker of heavy machinery for highway construction, fell 36% to $20.68. The company reported fiscal second-quarter earnings of $1.3 million, or 15 cents a share, down from $10.5 million, or $1.08 a share, in the year-ago quarter.
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