Updated from 2:05 p.m. EDT

Shares of Euro Tech Holdings ( CLWT) vaulted to the top of the technology leader board Tuesday after the Hong Kong-based company reported fiscal 2003 earnings.

The company earned 12 cents a share on sales of $27.4 million, vs. year-ago earnings of 11 cents a share on sales of $23.5 million. Euro Tech said that diversifying into engineering and manufacturing led to the company's year-over-year gains.

Euro Tech also declared a stock dividend: Shareholders will receive 5 shares of stock for every 10 shares they hold as of July 19. Shares of Euro Tech Holdings traded up $4.74, or 154.8%, to $7.80.

Flextronics International ( FLEX) jumped after it agreed to purchase most of Nortel's ( NT) manufacturing operations. Flextronics will buy Nortel's manufacturing operations in Canada and Brazil and anticipates acquiring operations in France and Northern Ireland. Nortel expects estimated cash proceeds of $675 million to $725 million.

In addition to the purchase, the two companies also agreed to an outsourcing agreement, with Flextronics managing about $2.5 billion of Nortel's cost of sales. Shares of Flextronics International traded up 61 cents, or 4%, to $15.98.

Shares of Novell ( NOVL) rose modestly after software company announced the sale of $500 million in convertible senior debentures. Novell also granted purchasers a 30-day option to purchase an additional $100 million of debentures. The debentures will be convertible into shares of Novell at a conversion rate of 86.79 shares per $1,000 principal amount of debentures, which translates into about $11.52 a share. Shares of Novell traded up 10 cents, or 1.2%, to $8.32.

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