Updated from 12:27 p.m. EDT
Tesla Loses Key Shareholder as Panasonic Sells Stake for $3.6B
Tesla loses electronics giant Panasonic, one of its key battery-making partners, as a key shareholder.
Virgin Galactic Surges After FAA Approvals Commercial Space Launch License
The Richard Branson-backed aerospace group will launched a crewed test flight later this summer as billionaires continue to push space travel boundaries.
were among technology's winners Monday, rising 14% after the company posted a big jump in first-quarter results.
The information technology services company earned $415,000, or 4 cents a share, on sales of $9.1 million. Earnings came in at the top end of the company's guidance, and sales were better than the $8.5 million to $9 million that PacificNet had forecast.
According to Thomson First Call, the one-analyst estimate called for earnings of 3 cents a share on sales of $8.5 million. A year ago, the company earned $141,000, or 2 cents a share, on sales of $3.5 million. Looking ahead, PacificNet forecast second-quarter earnings of $550,000 to $700,000, or 5 cents to 6 cents a share, on sales of $10.5 million to $12 million. That's in line with the one-analyst earnings forecast of 6 cents a share on sales of $10.5 million. Shares traded up $1.04 to $8.49.
fell 23.8% after the company disappointed investors with its first-quarter results. The electronics contract manufacturer posted earnings of $293,000, or 5 cents a share, on sales of $12.4 million. A year ago the company earned $481,000, or 7 cents a share, on sales of $12 million. In the most recent period, Simclar said it experienced gross margin pressures in one business sector and a loss in one of its manufacturing facilities. The company expects the facility to return to profitability during the third quarter. Inefficiencies associated with the start-up of a new facility also hurt first-quarter results. Shares traded down $1.18 to $3.77.
rose 3.6% after the company announced plans to repurchase up to $100 million of its stock. "Our strong cash position and profitability provide us with the flexibility to repurchase shares while continuing to invest in future growth." As of March 31, InfoSpace had cash and marketable investments of about $384 million and no debt. Shares traded up $1.04 to $30.26.
XM Satellite Radio
( XMSR) rose 0.2% after the company said it surpassed the 4 million-subscriber mark. XM Satellite said it added its most recent 1 million subscribers in less than five months. It took the company 23 months to reach its first 1 million subscribers, eight months to reach the 2 million mark and six months to reach 3 million. The company reiterated its year-end goal of 5.5 million subscribers. Shares traded up 6 cents to $28.32.
( HYSL) rose 0.2% after the company announced a $125 million stock-repurchase plan. The software company said it would use existing cash and short-term investments to fund the repurchase plan. There is no fixed termination date for the buyback plan, the company said. Since July 2003, Hyperion's board has authorized buyback plans totaling $200 million. Its most recent buyback plan, a $75 million repurchase plan announced in May 2004, has largely been completed, Hyperion said. Shares traded down 6 cents to $41.19.
Other technology movers included
, up 20 cents to $19.09;
, up 27 cents to $25.49;
, up 21 cents to $25.33;
, down 1 cent to $12.35;
( LU), up 6 cents to $2.86;
, up 13 cents to $5.48;
, up 2 cents to $3.96; and
, up 2 cents to $39.35.