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Openwave Systems

( OPWV) was a big gainer in Thursday's late action after the maker of networking software inked a licensing deal with


(MSFT) - Get Microsoft Corporation Report

and posted a surprise quarterly profit.

The Redwood City, Calif.-based company said Microsoft has agreed to license its entire patent portfolio, which consists of more than 200 patents, including ones related to cloud computing and smart devices. Financial terms weren't disclosed.

Openwave also reported a non-GAAP profit of $9.3 million, or 11 cents a share, on revenue of $52.4 million for the its fiscal first quarter ended in September. The average estimate of analysts polled by

Thomson Reuters

was for a loss of 8 cents a share in the quarter on revenue of $34.2 million.

The stock was last quoted at $2.05, up more than 30%, on volume of more than 150,000, according to


Openwave said bookings totaled $23.7 million in the quarter, a figure that includes the deal with Microsoft.

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"Openwave's first fiscal quarter results were mixed; we validated the strength of our intellectual property portfolio by executing a significant licensing agreement, but we are clearly disappointed with our product bookings," said Mike Mulica, the company's CEO, in a statement. "We continue to work closely with our customers and partners to demonstrate the value of our products and technologies."

Based on Thursday's regular session close at $1.57, Openwave shares were down more than 25% so far in 2011. The volatile stock hit a 52-week low of $1.17 on Aug. 12, and its 50-day and 200-day moving averages are $1.61 and $1.93 respectively.

Keynote Systems

Shares of

Keynote Systems


lost ground in the extended session after the Internet and cloud monitoring technology company missed Wall Street's profit expectations for its latest quarter and gave a weak outlook.

The company reported a non-GAAP profit of $4.9 million, or 27 cents a share, for its fiscal fourth quarter ended in September on revenue of $27.5 million. The average analysts' view was for earnings of 29 cents a share in the period.

For its fiscal first quarter ending in December, Keynote said it sees non-GAAP earnings of 22 to 28 cents a share on revenue of $30.5 million to $32 million. The consensus estimate is for a profit of 27 cents a share on revenue of $29.4 million.

The stock was last quoted at $22, down 12%, on volume of more than 60,000, according to


Other stocks moving in late trades included



, down nearly 9% on news that the business social networking company is looking to sell another $100 million worth of stock less than six months after its IPO;


(MTZ) - Get MasTec, Inc. Report

, losing more than 13% after the Coral Gables, Fla.-based construction company offered a below-consensus profit outlook for the current quarter;


(SBUX) - Get Starbucks Corporation Report

, adding more than 2% after the coffee giant reported an above-consensus profit, lifted its dividend by 31% and announced plans to buy back 20 million shares; and

Chesapeake Energy

(CHK) - Get Chesapeake Energy Corporation Report

, which rose more than 5% after Oklahoma City-based oil and natural gas company trounced Wall Street's quarterly earnings expectations and announced joint ventures giving it $3.4 billion in proceeds.


Written by Michael Baron in New York.

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Michael Baron


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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.