Stocks to Watch: ChipPac Climbs, but Wind River Sinks - TheStreet

Winners

Advanced Technical Products

(ATPX)

signed a definitive agreement to be acquired by

General Dynamics

(GD) - Get Report

in a deal worth about $197 million. Advanced was up 17%, and General was inching ahead by 0.8%.

ChipPac

(CHPC)

posted a wider loss in the first quarter and revenue fell, but the company beat lowered estimates and saw sequential improvements in its results. A day after the report, the stock was up 7.1% to $9.66. The semiconductor packaging and test services company said it lost $11.5 million, or 15 cents a share, compared with a loss of $9.7 million, or 14 cents a share, in the same quarter a year ago. Analysts polled by Thomson Financial/First Call had been expecting the company to lose 17 cents a share.

Semiconductor maker

Cirrus Logic

(CRUS) - Get Report

was climbing 5.4% to $12.02 after the company posted a loss in the fourth quarter, reversing year-ago profits. The company did say revenue was up sequentially. The company lost $80.8 million, or 98 cents a share, in the fourth quarter, compared with profits of around $4 million, or 5 cents a share, in the year-ago quarter. Excluding charges, Cirrus lost 12 cents a share, in line with the consensus estimate of analysts polled by Thomson Financial/First Call, compared with a profit of 6 cents last year.

Software Spectrum

(SSPE)

was climbing 117% to $36.05 after announcing that it would be acquired by

Level 3 Communications

(LVLT)

in a deal worth about $122 million. Level 3 was up 10.5% to $4.

Losers

Ending weeks of speculation,

Adelphia Communications

(ADLAE)

conceded that it will probably have to restate its financials for the last three years to change its accounting for related parties' borrowings. The stock was falling 7.5% to $6.43.

Power provider

Calpine

(CPN)

was losing 5% to $9.80 after the company reported a loss for the first quarter, as mild winter weather and weak market fundamentals hurt the company's results. After equipment cancellation costs and an extraordinary gain, Calpine reported a loss of $74.3 million, or 24 cents a share, compared with earnings of $119.7 million, or 36 cents a share, a year ago.

Satellite television company

EchoStar Communications

(DISH) - Get Report

said its loss in the first quarter narrowed as the Dish Network added more than 300,000 new subscribers. EchoStar posted a loss of $97 million, or 20 cents a share, compared with a loss of $170 million, or 36 cents a share, in the same quarter a year ago. The company's results included $58 million in noncash accounting charges. Excluding these charges, the company's loss totaled $39 million. The shares were falling 5.1% to $26.20.

Wind River Systems

(WIND)

was plunging 26% to $7.41 a day after the company warned that its results for the first quarter would fall short of previous expectations. The network infrastructure software company said it now expects to report a loss of 12 cents to 14 cents a share on revenue of $64 million to $66 million for the quarter as customer orders dried up in a weakening communications infrastructure market. Previously, Wind River forecast a loss of 2 cents to 4 cents on revenue of $76 million to $80 million.

Moody's Investors Service slashed

Xerox's

(XRX) - Get Report

debt rating by as many as four notches, citing concerns about debt relative to free cash flow in the company's core business. As a result, shares of the copier maker were dropping almost 12% to $8.01.