( PSRC) were among technology's winners Friday, rising 78% after the company agreed to be acquired by
, a Japanese software company, for about $324 million in cash.
PalmSource shareholders will receive $18.50 a share, representing an 83% premium to Thursday's closing price of $10.09. "We are very excited about joining forces with Access to help create a leading provider of software for the mobile market," PalmSource said. "We believe the customer and technology synergies of the combined companies will open up new market opportunities for both companies worldwide." The deal is expected to close by the end of 2005. Shares were trading up $7.84 to $17.93.
Despite posting fourth-quarter results that fell short of Wall Street expectations, shares of
rallied Friday after the company laid out plans to restructure its business. The software company posted earnings of $5 million, or 10 cents a share, on sales of $109.4 million. Excluding items, the company would have earned $9 million, or 18 cents a share. Analysts polled by Thomson First Call were expecting earnings of 24 cents a share on sales of $110.3 million. A year ago, the company posted pro forma earnings of $14.5 million, or 27 cents a share, on sales of $105 million. Looking ahead, Open Text forecast first-quarter earnings of 4 cents to 15 cents a share on sales of $85 million to $95 million. Analysts had been expecting earnings of 13 cents a share on sales of $94.9 million.
As for the company's restructuring plan, which is aimed at significantly increasing the company's profitability, Open Text said it has already begun to evaluate staff levels and consolidate facilities. The cost reductions will save the company about $30 million during fiscal 2006 and about $40 million beginning in fiscal 2007. Shares were trading up $1.21, or 10%, to $12.75.
rose 3% after the chipmaker said that it now expects third-quarter sequential sales to be at the high end of its previous guidance of 1% to 5%. During the second quarter, Diodes posted sales of $50.6 million. Analysts are expecting sales of $52.5 million. The company continues to expect third-quarter gross margins to be comparable to second-quarter results. Shares were recently trading up $1.32 to $39.22.
rose 4% after the digital-editing equipment maker announced a multimillion-dollar deal with CBS to install its Avid end-to-end digital newsroom environments at CBS's New York City headquarters and London news bureau. Products will be delivered in four stages and the entire project will be completed by December 2006, Avid said. The first stage is already under way, it said. Shares were trading up $1.92 to $45.97.
rose 12% after the company reported a 28% jump in fourth-quarter sales on earnings that doubled. The satellite communications company reported earnings of $1.1 million, or 7 cents a share, on sales of $26.7 million. Results included a one-time gain of $300,000, or 2 cents a share, and a charge of $100,000. A year ago, the company earned $400,000, or 3 cents a share, on sales of $20.8 million. Globecomm attributed the sales gain to increased infrastructure sales in the U.S. government and governmental agencies marketplace.
Looking ahead, Globecomm Systems expects fiscal 2006 earnings in excess of 25 cents a share on sales that will exceed $125 million. Shares were trading up 74 cents to $7.01.
Other technology movers included
, down 76 cents to $25.33;
Sirius Satellite Radio
, up 21 cents to $7.41;
, up 3 cents to $4.01;
, up 26 cents to $18.63;
( SEBL), up 46 cents to $9.14;
( LU), up 5 cents to $3.18;
, up 18 cents to $26.79;
, down 7 cents to $13.30; and
, up $1.05 to $50.83.