NEW YORK (CNNfn) - Shares of Cisco Systems, a maker of networking and communication devices, went up after news of yet another venture with IBM.
Stock in Conductus, a leading maker of superconducting wireless systems, soared more than 72 percent near end of the day trading, after news of its new ClearSite system.
But shares of VISX, which makes equipment for laser eye correction surgery, fell sharply after news of a fee reduction and brokerage downgrade.
And Alcatel, a French telecom equipment maker, suffered a more than 10 percent slump in its stock price after announcing an agreement to buy Canada-based Newbridge Networks for $7.1 billion in stock.
Today's Winners
Conductus Inc. (CDTS: Research, Estimates) up 21-13/16 to 50-3/4.
This leading maker of superconducting wireless systems said the first field trial of its ClearSite system at a CDMA cell site demonstrated much better base station performance.
Echostar Communications Corp. (DISH: Research, Estimates) up 20 to 120.
U.S. digital software maker OpenTV said it was teaming up with Echostar Communications Corp. to develop a low-cost digital set top box using a hard drive for the U.S. mass market. Echostar Communications Corp. was upgraded by Merrill Lynch from near term accumulate to near term buy.
PairGain Technologies (PAIR: Research, Estimates) up 1-9/16 to 17-5/8.
ADC Telecommunications, a maker of network hardware and software, said Wednesday that it will acquire PairGain Technologies in an all-stock deal valued at around $1.6 billion. PairGain specializes in building systems that use a broadband technology called digital subscriber line, which uses existing phone lines but transmits data many times faster than regular modems.
Cisco Systems (CSCO: Research, Estimates) up 9-3/4 to 133-11/16.
Shares rose on news IBM will provide its Web hosting integration software to Cisco customers. The two already have a technology and marketing alliance.
Regeneron Pharmaceuticals Inc. (REGN: Research, Estimates) up 16-1/16 to 36-15/16.
Merrill Lynch initiated coverage of Regeneron with an intermediate-term accumulate rating and a long-term buy rating, based on the company's new- product pipeline.
Mirage Resorts Inc. (MIR: Research, Estimates) up 3-11/16 to 14-9/16.
MGM Grand Inc. offered to buy Mirage Resorts Inc. for $3.28 billion, or $17 a share, in an attempt to create the "undisputed leader" in the casino industry.
Mitel Corp. (MLT: Research, Estimates) up 2 to 18-1/4.
The company, a communications product supplier, said it and Tech Electronics of St. Louis have deployed an advanced telecommunications system for the St. Louis Police Department.
National Discount Brokers Group Inc. (NDB: Research, Estimates) up 7-1/16 to 33-7/16.
Credit Suisse First Boston raised its earnings estimates for National Discount Brokers Group Inc., an Internet brokerage and financial services company.
Today's Losers
Fluor Corp (FLR: Research, Estimates) down 7-3/4 to 30-1/4.
The company said it would close its Marlton, N.J., facility, eliminating more than 300 jobs in the process, and move its pharmaceutical operations to South Carolina. It also expects to phase out all operations at the suburban Philadelphia operation by July 1.
VISX Inc. (VISX: Research, Estimates) down 5-3/16 to 16-11/16.
This maker of equipment for laser correction eye surgery is cutting license fees it charges customers to $100 from $250 and also is buying back 10 million shares. Lehman downgraded the stock from buy to neutral.
Summit Technology Inc. (BEAM: Research, Estimates) down 4-7/32 to 7-27/32.
This maker of medical instruments was downgraded by USB Piper Jaffray to neutral from buy.
Webb Interactive Services Inc. (WEBB: Research, Estimates) down 10-1/4 to 48.
Webb said it has closed the previously announced financing agreement with Marshall Capital Management, a wholly owned subsidiary of Credit Suisse First Boston Management Corp. and Castle Creek Technology Partners LLC.
Alcatel (ALA: Research, Estimates) down 4-1/4 to 43-1/2.
The French telecom equipment maker agreed Wednesday to buy Canada-based Newbridge Networks for $7.1 billion in stock. 
-- Compiled by staff writer Lucy Banduci and wire reports
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