jumped 12% after the China-based company announced a digital-media partnership with
Comtech, a provider of design systems for the technology-manufacturing sector in China, will license software technology from Microsoft's IP Ventures program and use its source codes to develop systems for digital-media projects. Shares of Comtech recently were up $1.86 to $16.72.
Grubb & Ellis
( GBE) gained after the Chicago-based commercial real estate company said it agreed to buy Abrams Centre, an office building located in Dallas, for $20.4 million.
The purchase was made through a newly formed, wholly owned subsidiary. The company said its current intention is to acquire the property and hold it for future sale to
Grubb & Ellis Realty Advisors
( GAV). The company and Realty Advisors do not have any current arrangement or agreement regarding the property, and Realty Advisors does not have any obligation to buy the property. Shares were trading up 84 cents, or 8%, to $11.39.
( HRZ) advanced after the Charlotte, N.C.-based shipping and integrated-logistics company was upgraded by JPMorgan to overweight from neutral. Shares were trading up $1.61, or 7.2%, to $24.11.
Monolithic Power Systems
tumbled after the Los Gatos, Calif.-based semiconductor company forecast fourth-quarter revenue that would be below Wall Street's estimates. The company expects revenue in the range of $25 million to $27 million, while analysts are looking for revenue of $27.7 million.
The outlook came as the company posted a loss of $1.87 million, or 6 cents a share, for the third quarter. In the year-ago period, Monolithic had a profit of $9.36 million, or 31 cents a share. Excluding items, the company posted earnings of $3.8 million, or 12 cents a share, in the latest quarter. Revenue fell 8% to $27.3 million. Analysts polled by Thomson First Call were looking for earnings of 10 cents a share on revenue of $26.6 million. Shares of Monolithic were down $2.26, or 18.9%, to $9.70.
fell after the Louisville, Ky.-based steel processor released preliminary fourth-quarter results and set plans for a restatement. For the fourth quarter, the company earned $3.2 million, or 24 cents a share. Sales increased 5% to $202.3 million. Wall Street was looking for earnings of 46 cents a share on $219.7 million in revenue.
The company said in a statement that the fourth-quarter results were "well below our internal expectations." The company said it sees similar volumes for the first fiscal quarter of 2007. As for the restatement, Steel Technologies will revise some of its previous financial results to correct the accounting for certain deferred tax assets and liabilities. The company said it expects to finalize the restatement by the time it files its annual report. Shares fell $2.16, or 10.4%, to $18.53.