Shares of Pacific Internet were among technology's winners Monday, jumping 16% after MediaRing, a voice-over-Internet-protocol services company, said it plans to make an unsolicited offer of $8.25 a share in cash for the Asia-Pacific Internet service provider. The bid represents a 28% premium over Pacific Internet's closing price of $6.46 on Friday. MediaRing, which already owns slightly less than 5% of Pacific Internet, said that a deal is contingent upon it securing a minimum ownership of 50% plus one share. MediaRing also is required to obtain the approval of the Info-Communications Development Authority of Singapore before it can make the offer to Pacific Internet. Shares of Pacific Internet were trading up 99 cents to $7.45. Mentor Graphics ( MENT) fell 7% after the software company said it would sell $175 million in convertible subordinated debentures due 2026 in a private placement. The company plans to use the proceeds from the offering to retire convertible subordinated notes due 2007. Mentor expects to grant purchasers of the $175 million in debentures a 30-day option to buy an additional $25 million in debentures to cover over-allotments. If the over-allotment option is exercised, Mentor plans to use those proceeds to repurchase a portion of its outstanding floating-rate convertible subordinated debentures due 2023. Shares were recently trading down 79 cents to $11.37. Shares of Cablevision ( CVC) rose 6% after the cable television operator swung to a fourth-quarter profit. The company earned $54.1 million, or 19 cents a share, on sales of $1.49 billion. The company posted earnings from continuing operations of $49.4 million, or 17 cents a share. Analysts polled by Thomson First Call expected the company to report sales of $1.46 billion. During the year-earlier period, the company posted a loss from continuing operations of $171.2 million, or 60 cents a share, on sales of $1.32 billion.
Looking ahead, Cablevision sees 2006 total sales growth in the midteens. Basic video subscriber growth, meanwhile, is expected to climb 2% to 2.5%. Shares were trading up $1.48 to $26.68. DirecTV ( DTV) rose modestly after the satellite television provider said it would buy back 100 million shares of its own stock from General Motors' ( GM - Get Report) pension funds. The shares are being purchased for $15.50 a share, a slight discount compared to Friday's closing price of $15.68. After the deal closes on March 3, the pension funds will own about 115 million DirecTV shares, a stake of less than 10%. Shares of DirecTV were trading up 11 cents to $15.79. Shares of Linktone ( LTON) fell 1% after the Chinese maker of wireless entertainment products posted fourth-quarter earnings that fell below expectations. The company earned $1.5 million, or 5 cents per American depository share, on sales of $20.6 million. Excluding items, the company earned 7 cents a share. Analysts expected earnings of 14 cents a share and sales of $20.3 million. A year earlier, the company earned 15 cents a share on sales of $15.5 million. "While we are disappointed with the financial results of the fourth quarter, we have begun 2006 by undertaking a transition designed to take Linktone to the next level through strengthening our financial performance and position in the wireless value-added services industry in China," the company said. Looking ahead, Linktone sees first-quarter earnings of 9 cents a share, before items, on sales of roughly $21 million. Analysts project earnings of 14 cents a share on sales of $20.5 million. Shares were trading down 8 cents to $7.06. Other technology movers included Intel ( INTC), up 26 cents to $20.62; Applied Materials ( AMAT - Get Report), down 40 cents to $18.40; Cisco Systems ( CSCO), up 9 cents to $19.94; Microsoft ( MSFT), up 44 cents to $27.07; Lucent Technologies , up 3 cents to $2.86; Oracle ( ORCL), up 1 cent to $12.47; Apple Computer ( AAPL), down 32 cents to $71.14; Sirius Satellite Radio ( SIRI), up 2 cents to $5.20; and Sun Microsystems ( SUNW), down 2 cents to $4.26.