were among technology's winners Monday, rising 8% after the software company said it received a financing commitment from GE Commercial Finance.
The financing commitment of $165 million comes just two weeks after the company pulled a planned notes offering. At the time, Navarre said it canceled the sale of $125 million in notes because of recent weakness in the bond market. The new financing will consist of a six-year, $140 million term loan B facility and a five-year revolver for up to $25 million. The credit facilities will be secured by a first priority security interest in substantially all of Navarre's assets. The company plans to use about $110 million of the term loan facility to fund the cash portion of its previously announced acquisition of Funimation. The remaining $30 million will be used for general corporate purposes. Shares were trading up 55 cents to $7.38.
fell 7% after the chip maker warned that it would post a wider-than-expected first-quarter loss. The company expects to post a loss of 8 cents to 10 cents a share on $416 million to $421 million in sales. Analysts polled by Thomson First Call had been expecting a smaller loss of 5 cents a share on sales of $408 million. Gross margins, meanwhile, are expected to be between 21% and 23%, below the company's expectations. Earnings were hurt by lower average selling prices for some of Atmel's products and by inventory adjustments related to the lower selling prices. The company also experienced some manufacturing issues in the production of its smart card ICs. Atmel plans to report earnings on April 26. Shares were trading down 16 cents to $2.23.
rose 32% after the company agreed to be acquired by buyout firm Caxton-Iseman Capital for about $56 million in cash. The deal is worth $6.40 a share and represents a premium of 36% based on Friday's closing price of $4.71. Following the acquisition, Manchester and its subsidiary, Electrograph Systems, will operate as a private entity doing business as Electrograph Systems. Shares were trading up $1.51 to $6.22.
rose 1% after the company posted fourth-quarter earnings and sales that were ahead of expectations. Excluding items, the company earned $2 million, or 11 cents a share, on sales of $54.9 million. Analysts were expecting earnings of 8 cents a share on sales of $54.4 million. A year ago the company posted pro forma earnings of $3.4 million, or 17 cents a share, on sales of $52.1 million. Looking ahead, the company forecast first-quarter earnings of 8 cents to 12 cents a share, in line with expectations, on sales of $63 million to $67 million, which is ahead of analysts' expectations of $55.8 million.
Separately, Standard Microsystems named William Shovers as chief financial officer, effective June 1. He will succeed Andrew Caggia, who will retire after working five years with the company. Shares were trading up 19 cents to $14.31.
rose 9% after the software company agreed to be acquired by
for about $3.4 billion in stock. Macromedia shareholders will receive 0.69 shares of Adobe for each share they hold, making the deal worth $41.86 a share based on Friday's closing prices. The transaction is expected to be break-even to slightly accretive to Adobe's earnings during the first 12 months after the deal closes. Shares of Macromedia were recently trading up $3.15 to $36.60, while Adobe was trading down $6.25, or 10%, to $54.41.
Other technology movers included
, up 19 cents to $24.65;
, up 11 cents to $22.23;
, down 3 cents to $17.17;
, up 15 cents to $35.50;
, down 16 cents to $3.50;
Sirius Satellite Radio
, up 7 cents to $5.22;
, up 14 cents to $11.84;
, up 40 cents to $14.90; and
, down 2 cents to $2.38.