were among the technology sector's winners Monday, rising 6% after the technology provider agreed to acquire Actaris Metering Systems for roughly $1.6 billion.
The acquisition of the European company is expected to add about 20 cents to 30 cents a share to adjusted earnings and between $720 million and $730 million in revenue to 2007 results. The deal is expected to close during the second quarter.
"This acquisition, which will more than double Itron's annual revenues, brings together two industry leaders and reunites two former Schlumberger divisions," Itron said. "We have been looking for an investment that would allow Itron to bring its superior AMR technology and systems expertise to customers outside of North America." Shares of Itron were trading up $4.05 to $67.86.
slumped 13% after
offered to buy Tandberg Television for $1.4 billion. The offer tops the $1.2 billion offer made by Arris in mid-January. The Arris acquisition of Tandberg was expected to close during the second quarter. Shares of Arris were trading down $1.76 to $13.53 while shares of Ericsson were trading up 27 cents to $37.07.
fell modestly after the maker of retail-surveillance systems said it would restate results from the past three years because of accounting errors. The restatement is due to an overstatement of revenue at the company's Japanese sales subsidiary. "We are very disappointed to have to restate our prior period financial results," the company said. "We have identified the underlying issues and are taking corrective actions."
Checkpoint fired both the chairman and president of its subsidiary. The Japanese subsidiary caused Checkpoint to overstate revenue by $2.5 million to $3.5 million during the first nine months of 2006 and by roughly $1.5 million to $2.5 million during fiscal 2005. Despite the restatement, Checkpoint sees 2006 earnings coming in above the high end of its previous guidance of 90 cents to 95 cents a share. Shares were trading down 6 cents to $19.94.
XM Satellite Radio
( XMSR) rose 1% after the satellite radio company posted fourth-quarter results. The company reported a loss of $263.7 million, or 90 cents a share, on revenue of $257.1 million. Analysts polled by Thomson First Call expected a loss of 71 cents a share on revenue of $242.8 million. During the year-earlier period, the company reported a wider loss of $270.5 million, or $1.22 a share, on revenue of $177.1 million. During the most recent period, cost per gross addition fell to $128 from $141 a year ago. Shares were trading up 20 cents to $15.30.
Other technology movers included
Sirius Satellite Radio
, up 2 cents to $3.76;
, down 13 cents to $20.63;
, up 6 cents to $28.96;
, up 1 cent to $6.28;
, down 30 cents to $27.21;
, down 75 cents to $88.32;
, down 81 cents to $42.55;
, up 5 cents to $16.87;
, down 11 cents to $19.08; and
Level 3 Communications
, up 13 cents to $6.68.