Updated from 11:32 a.m. EDT
Global Imaging Systems
were among technology's winners Monday, soaring 46.9% after the technology products company agreed to be acquired by
for $1.5 billion in cash, or $29 a share.
The deal represents a 49% premium to Global Imaging's closing price of $19.50 a share on Friday. "Through the acquisition, Xerox will benefit not only from increased equipment sales but also from the strong annuity stream that comes from the services and supplies to support these products," Xerox said. The acquisition is expected to be accretive to Xerox's 2007 earnings. The deal is expected to close in May. Shares of Global Imaging closed up $9.14 to $28.64. Shares of Xerox closed up 19 cents, or 1.1%, to $17.08.
slumped 22.3% after the software company cut its first-quarter guidance. The company now sees revenue of $8.2 million to $8.3 million. Previously, it said that revenue would be comparable to fourth-quarter revenue of $9.6 million. Earnings, meanwhile, are expected to decline as well. Analysts polled by Thomson First Call project earnings of 4 cents a share on revenue of $9.6 million. "We were disappointed with the performance of some of our distributors during the quarter, which may result in slower than expected growth throughout the year," the company said. Shares closed down $2.04 to $7.11.
climbed 15.7% after the software company agreed to be acquired by Battery Ventures and announced the sale of its CareScience unit. The company sold the CareScience business for $34.9 million. Battery Ventures, meanwhile, is buying Quovadx for $3.15 a share, representing a 24% premium to Friday's closing price of $2.55. Shareholders are expected to receive almost $137 million. The acquisition is expected to close within 90 days. Shares closed up 40 cents to $2.95.
Marvell Technology Group
fell modestly after the chipmaker said that it received another notice from Nasdaq regarding its delinquent annual report. Previously, Marvell received similar notices due to the delay in filing its quarterly reports for the quarters ended July 29, 2006, and Sept. 8, 2006, respectively. The company has been unable to file its reports with the
Securities and Exchange Commission
because of an internal review into its historical stock option practices. The company's shares will remain listed on the Nasdaq market pending a decision by Nasdaq's listing council. Shares were trading down 34 cents earlier in the day and closed down 13 cents to $16.68.
Other technology movers included
, down 21 cents to $5.80;
, which closed flat at $19.13 after active trading;
, down 13 cents to $25.40;
, down 13 cents to $27.74;
, up 4 cents to $18.36;
, up 74 cents to $93.65; and
, up 4 cents to $2.16.