Shares of SafeNet ( SFNT) were among Nasdaq's winners Friday, rising 21% after the maker of network security products said it received a $150 million contract from the Department of Defense. The indefinite quantity contract -- the largest contract the company has ever won -- calls for SafeNet to deliver its new KIV-7M link encryptor to the government agency. The company has already received a delivery order in excess of $18 million that will begin shipping in early October. "This contract far exceeds the company's preliminary expectations of a $50 million dollar contract," the company said. "In fact, the initial IDIQ award already represents approximately half of our minimal market projections for this product." Because of the late timing of the contract, SafeNet doesn't expect its third-quarter revenue to meet analysts' forecasts. The company now expects third-quarter revenue of $63 million to $65 million, which is below its previous guidance of $67 million to $72 million, and below the $69.7 million that analysts polled by Thomson First Call were expecting. The company, however, did reaffirm its 2005 guidance, which calls for adjusted earnings of $1.55 to $1.65 a share on sales of $255 million to $275 million. Shares were trading up $6.15 to $35.85. Greenfield Online ( SRVY) fell 22% after the provider of Internet surveys cut its third-quarter sales forecast and announced the resignation of its chief executive officer. The company now expects sales of $22 million to $23 million, below the $26 million to $27 million it had previously forecast. Analysts had projected sales of $26.4 million. Greenfield blamed the shortfall on lower-than-expected "win-rates" in North America. Dean Wiltse, in addition to resigning as CEO, also tendered his resignation as a director. Albert Angrisani will replace Wiltse. Angrisani previously served as president and chief operating officer of Harris Interactive ( HPOL). Shares were down $1.50 to $5.47.
Shares of CTI Industries ( CTIB) jumped 87% after the maker of film products, packaging, flexible containers and balloon products said it received a patent covering a method for forming a fluid container that uses plastic film on a pattern that has been embossed. CTI supplies the embossed film for use in making fluid containers that package soft drink syrups, coffee, juices and other food items, the company said. "This method of producing a fluid container has already proven to be useful and effective and now has full patent protection," CTI said. Shares recently rose $3.04 to $6.55. First Marblehead ( FMD) rose 11% after the educational lender said that it would buy an additional 5 million shares as part of a stock repurchase plan. The company said its previous repurchase plan, which called for the purchase of up to 1.5 million shares, has been completed. As of June 30, the company had cash and other short-term investments of about $194 million. The stock buyback announcement comes just a few days after the company announced the resignation of its CEO. On Tuesday, the company said Daniel Meyers left the company after it learned that Meyers had exchanged gifts with a former employee of a major client of the firm. Meyers, who co-founded First Marblehead in 1991, said the gifts, which had a total value of about $32,000, were purchased with money from personal funds. The company, after reviewing its records, said that no corporate funds were involved in the gift buying. First Marblehead named Jack Kopnisky to replace Meyers. The company's shares recently were trading up $2.40 to $25.25. Shares of PXRE Group ( PXT) fell 7% after the reinsurer laid out plans to sell $100 million in stock and about $360 million in perpetual preferred shares. PXRE said it plans to use the proceeds from the $100 million stock offering to support the underwriting of reinsurance business during the Jan. 1, 2006, renewal period and for the balance of 2006. As for the preferred shares, the company said that it would sell the 375,000 series D perpetual preferred shares in a private placement. Shares were trading down 97 cents to $13.83.
NYSE volume leaders included Micron ( MU), up 75 cents to $12.94; Lucent Technologies ( LU), up 4 cents to $3.26; Delphi ( DPH), up 58 cents to $3.10; Nokia ( NOK), up 30 cents to $16.76; Motorola ( MOT), down 3 cents to $22.18; and Texas Instruments ( TXN), up 75 cents to $33.93. Nasdaq volume leaders included Cisco Systems ( CSCO), down 17 cents to $17.69; Sun Microsystems ( SUNW), up 9 cents to $3.96; Microsoft ( MSFT), down 14 cents to $25.80; Oracle ( ORCL), unchanged at $12.32; Intel ( INTC), up 15 cents to $24.63; Sirius Satellite Radio ( SIRI), up 4 cents to $6.56; JDSU ( JDSU), unchanged at $2.14; and Red Hat ( RHAT), down 5 cents to $21.39.