Posts Tagged ‘technology’

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Hutchinson Technology Inc. (HTCH) leaps on prelim Q3 numbers

Wednesday, July 6th, 2011

Shares of Hutchinson Technology Inc. (Nasdaq: HTCH) jumped 17.6% to $2.67 after the company reported strong fiscal third-quarter preliminary results. Volume for the stock totaled 2.5 million shares, about eight times its daily average.

The company, based out of Hutchinson, Minn., issued a release Wednesday, saying shipped approximately 118 million suspension assemblies in the fiscal 2011 third quarter, up 15% from its second quarter shipments of 102.3 million. Net sales for the quarter totaled approximately $72 million, up 14% from its second quarter net sales of $63.3 million.

Wayne Fortun, Hutchinson CEO, was quoted in the release as saying “Our shipments over the last nine weeks of our third quarter averaged approximately 10 million suspensions per week, and we expect this pace to continue into the fourth quarter.

“As a result, we currently expect our fourth quarter shipments to exceed our third quarter shipments. It appears that demand has shifted to some customer programs where we have stronger positions, and we believe that we are beginning to regain market share. We are leveraging available capacity to respond to the additional customer demand.”

The final numbers are slated to come out on July 26,

Hutchinson Technology is a global technology leader committed to creating value by developing solutions to critical customer problems.

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Monster Worldwide Inc. (MWW) is just that, let it BeKnown

Tuesday, June 28th, 2011

Monster Worldwide Inc. (NYSE: MWW) shares rose 10.6% to $15.01, a day after the company announced the launch of BeKnown, a networking app designed to allow Facebook users to establish a professional network and find career opportunities. Volume for the stock was 4.6 million shares, outdistancing a daily average of 3.1 million.

The company, based in Maynard, Massachusetts, put out a press release Monday saying that with BeKnown, users can seamlessly identify and connect with friends and professional contacts from multiple sources and grow their professional network, enhance their online professional identity and discover enriching career opportunities.

BeKnown is now available for download at http://apps.facebook.com/beknown in 19 different languages, and is accessible by any Facebook user.

Monster Worldwide’s Chief Information Officer Darko Dejanovic was quoted in the same release as saying, “BeKnown answers the need and challenge in the marketplace for people to build their professional networks on Facebook while keeping personal and work-related contacts and content completely separate.

Dejanovic continued, “An estimated 700 million people globally live their lives through Facebook and 97% of the Fortune 500 companies turn to Monster to find talent. BeKnown now gives people and companies the ability to utilize that vast network for professional gain by tapping into the power of Monster and Facebook.”

Monster Worldwide, Inc., parent company of Monster®, the premier global online employment solution for more than a decade, strives to bring people together to advance their lives.

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Takeover target WPCS International Inc. (WPCS) leaps in price

Thursday, June 16th, 2011

WPCS International Inc. (Nasdaq: WPCS) shares gained 30.9% to $2.92 today after home-security and media-services provider Multiband Corp. (Nasdaq: MBND) signed a non-binding letter of intent to buy the communications-infrastructure firm for $3.20 a share. Shares in WPCS totaled 876,000, compared to average daily volume of just over 23,000.

The acquisition, which will be subject to customary due diligence, negotiation of a definitive merger agreement and other conditions, including the approval of the shareholders of WPCS, is expected to close by the end of the third quarter of 2011. Multiband is offering $3.20 in cash per share for WPCS shares.

In conjunction with the LOI announcement, Multiband has entered into a separate agreement with a third party to acquire for cash at $3.20 per share approximately 710,000 shares of WPCS’s outstanding common stock, representing an approximate 10% interest in WPCS.

In the June 16 press release announcing the takeover, Multiband CEO James L. Mandel commented, “This strategic acquisition will be significant for Multiband, expanding our service offering across a similar geographic footprint to our current presence and creating opportunity for significant operational leverage through the consolidation of real estate, training, and overhead expenses.

“Once integrated, we expect the acquisition to be immediately accretive, adding more than $100 million in revenue and between $5-8 million in EBITDA, on an annual basis.”

The LOI with WPCS has been approved by the Board of Directors of Multiband.

WPCS, based out of Exton, Pa., is a design-build engineering company that focuses on the implementation requirements of communications infrastructure.

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MediaMind Technologies Inc. (MDMD) acquired by DG, stock soars

Thursday, June 16th, 2011

MediaMind Technologies Inc. (Nasdaq: MDMD) shares gained 38.2% to $22.03 a piece Thursday, after DG Fastchannel Inc. (Nasdaq: DGIT) said it would pay $418 million, or $22 a share, to buy the digital-advertising company. Volume for the stock topped 2.3 million shares, routing a daily average of just over 70,000.

A news release June 16 announced the definitive agreement, under which DG will acquire MediaMind in an all-cash transaction. The acquisition creates one of the premier global online and television advertising technology companies.

Upon closing, Gal Trifon, President and CEO of MediaMind, will serve as DG’s Chief Digital Officer, leading DG’s online advertising business. Additionally, Ofer Zadikario, MediaMind’s Chief Solutions Officer, will join DG in the same position.

“This is a game-changing transaction that provides DG with an unmatched global footprint, broad customer reach and an innovative platform in television and the fast-growing online advertising market,” said Scott Ginsburg, Chairman and CEO of DG in the same news release. “

In the release, Trifon was quoted thus, “We believe this transaction offers significant value for our shareholders and is the natural, next step for MediaMind. DG will provide us with the added scale and resources to continue to grow our platform and enhance the services we provide our customers. Working together with DG, we will provide a single solution for advertising creation, distribution, and monitoring for cross-platform campaigns.

“We are excited to partner with DG,” Trifon concluded, “to continue to increase our base of large advertisers and expand our global operations, and we are confident that our employees will benefit from the greater opportunities at the combined company.”

Headquartered in New York, MediaMind has 37 sales and representation offices covering 64 countries. In 2010, MediaMind delivered campaigns for 9,000 brand owners using approximately 3,800 media and creative agencies across 8,200 global web publishers in 64 countries.

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DST Systems Inc. (DST) races ahead on word of several suitors

Wednesday, June 15th, 2011

DST Systems Inc. (NYSE: DST) shares gained 14.2% to $55.19 after Reuters reported that the accounting-software company had drawn interest from private equity firms in recent months. Volume for the stock was 1.5 million shares, compared to an all-day average of 288,000.

The exclusive story that broke this morning quoted sources close to the situation as saying the Kansas City-based DST had received several buyout overtures from private equity firms in recent months, including one led by activist investor Russell Glass.

Glass, founder and head of New York investment firm RDG Capital, told Reuters he had teamed up with a private equity firm and approached DST management within the last 30 days to talk about a buyout of the diversified data processing company in the mid-$60s per share range.

DST also held discussions in March and April with another private equity firm that was also eyeing a mid-$60s price range, a source close to the situation said.

The news agency also quotes Glass as saying he was rebuffed by DST management on grounds that the company did not want to sell while it is grossly undervalued.

The other private equity firm had also been rejected, while the mid-$60s range appears to be the starting point, said the source, adding, “You have to be prepared to bump or compete with other buyers.”

The source requested anonymity because the talks are not public. A DST spokeswoman declined to comment.

DST Systems, Inc. provides sophisticated information processing and computer software products and services to support the mutual fund, investment management, insurance and healthcare industries.

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