Shares of American Power Conversion (APCC) were among technology's biggest winners Monday, jumping 26% after the maker of power protection systems agreed to be acquired by France's Schneider Electric for $6.1 billion in cash.
Schneider will pay $31 a share, or a premium of 30% over Friday's closing price of $23.76. The deal is expected to close during the first quarter of 2007. American Power Conversion shares were up $6.35 to $30.11.
Though the company posted better-than-expected earnings, shares of
were down 4%. The telecom giant earned $1.92 billion, or 66 cents a share, on revenue of $23.25 billion in the third quarter. Excluding certain items, Verizon earned $1.99 billion, or 68 cents a share. Analysts expected earnings of 66 cents a share on revenue of $23 billion. During the year-earlier period, the company earned $1.87 billion, or 68 cents a share, on revenue of $18.49 billion. Verizon posted declines, however, in its landline business, and shares were trading down $1.55 to $37.29.
fell 4% after the digital marketing concern named a new chief executive. The company said that Jim MacIntyre will replace Jeff Lunsford, who is leaving to become CEO of a privately held company. Lunsford will remain a member of WebSideStory's board.
The company also said that it expects third-quarter earnings will meet or exceed its previously issued guidance of 13 cents to 14 cents a share. Analysts polled by Thomson First Call project earnings of 13 cents a share. Shares were trading at $13.19, down 57 cents.
Dot Hill Systems
fell 9% after the network storage company warned of a wider-than-expected third-quarter loss. The company estimates a loss of $1.34 to $1.36 a share. Excluding a tax charge of $53 million, or $1.18 a share, Dot Hill projects a loss of 16 cents to 18 cents a share. In August, the company forecast a loss of 5 cents to 7 cents a share. The company cut its revenue forecast to $54 million to $56 million from its August projection of $59 million to $62 million. Analysts project a loss of 6 cents a share and revenue of $60.6 million. Shares were trading down 20 cents to $3.72.
slid 4% ahead of its third-quarter earnings report, which is due after the market closes. Analysts project earnings of 20 cents a share on revenue of $49.3 million. Last year, the software company posted adjusted third-quarter earnings of $12.3 million, or 17 cents a share, on revenue of $43.1 million. Shares recently were down 84 cents to $23.36.
Other technology movers included
Level 3 Communications
, up 18 cents to $5.38;
, down 19 cents to $23.53;
, down 1 cent to $5.49;
, up 13 cents to $21.23;
, up 11 cents to $28.45;
, down 4 cents to $18.06;
Sirius Satellite Radio
, down 8 cents to $3.77; and
, up 89 cents to $16.52.