NEW YORK (TheStreet) -- Shares of Crown Media Holdings (CRWN) soared by 19.7% Monday, closing at $5.35. The company, based in Studio City, Calif., owns and distributes pay television networks in the U.S. It operates the Hallmark Channel and Hallmark Movies and Mysteries networks, according to Yahoo! Finance. Crown Media distributes the Hallmark Channel to about 85 million subscribers, the website said.
Crown Media recently reported net income of $20 million on total revenue of $113 million for the second quarter, compared with net income of $18.5 million on total revenue of $100 million for the prior three months. The company's stock was trading at about $3.50 a share at the end of 2014.
Early Monday the company announced the appointment of technology executive John Kispert as its chairman. He previously held executive positions at several companies, including Spansion, KLA-Tencor and IBM, Extreme Networks said in a release.
Extreme Networks CEO Chuck Berger resigned in April. The company has also reduced its workforce. Extreme Networks posted a net loss of $15.7 million for its fiscal fourth quarter, which ended June 30.
Shares of Sprint(S) - Get Report dropped by 2.8% Monday, closing at $5.05 a share. The company, based in Overland Park, Kans., recently received two investments totaling $160 million from SoftBank (SFTBF) . SoftBank, based in Tokyo, controls more than 80% of Sprint, the nation's third-largest wireless carrier.
SoftBank's buying spree has added $6.7 billion to Sprint's market value in the past two weeks, Bloomberg reported Monday.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.