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.
Manugistics ( MANU) rose after it was selected by Sears ( S) to provide demand planning and replenishment planning solutions for Sears' core merchant processes. Manugistics' products will enable Sears to improve its forecast accuracy at its 870 full-line stores. Shares of Manugistics traded up 15 cents, or 4.7%, to $3.27. Shares of Wireless Facilities ( WFII) rose after Credit Suisse First Boston initiated coverage on the stock with an outperform rating. CSFB slapped an $11 price target on the company and said that it expects earnings per share growth of about 16% over the next three to five years. Shares of Wireless Facilities traded up 60 cents, or 6.4%, to $9.96. Technology volume leaders included Microsoft ( MSFT), up 22 cents to $28.50; Intel ( INTC), up 22 cents to $27.60; Cisco ( CSCO), up 41 cents to $23.71; Sirius Satellite Radio ( SIRI), up 1 cent to $3.08; Oracle ( ORCL), up 14 cents to $11.77; Applied Materials ( AMAT), up 78 cents to $19.63; JDS Uniphase ( JDSU), up 2 cents to $3.83; Taser International ( TASR), down $3.18 to $39.76; Nortel Networks ( NT), up 25 cents to $4.99; and Lucent ( LU), up 4 cents to $3.79.