NEW YORK (CNNfn) - Shares of Times Mirror Co. shot up 76 percent on news Tribune Co. will acquire the media company for $8 billion in cash and stock, which will join two of the nation's largest media companies.|
Shares of Superconductor Technologies, which makes products to reduce static in wireless products, jumped 35 percent on news it signed a supply agreement with the information technology giant, Alltel.
On the downside, shares of StarMedia Network, an online network targeting Latin America, fell more than 31 percent after Salomon Smith Barney downgraded its rating on the company.
Ramtron International Corp. (RMTR: Research, Estimates) up 10 to 27-5/8.
Chip maker Ramtron International Corp. and Fujitsu Ltd. said the companies have successfully developed a production-worthy ferroelectric random access memory (FRAM) architecture they expect will fuel the introduction of a new line of high-density FRAM memory products. FRAM memory is a breakthrough semiconductor memory technology that combines the advantages of many memory technologies into a single device. Due to its fast read/write speed and ability to store information without power, FRAM memory can be used in a broad range of
applications, including portable, hand-held electronic devices.
Superconductor Technologies (SCON: Research, Estimates) up 20-1/32 to 74-27/32.
Superconductor Technologies, a maker of products that reduce static in wireless products, signed a supply agreement with Alltel. Under the accord, Alltel will use STI's high temperature superconductor base station receiver technology in analog, CDMA cellular and PCS networks.
Novoste Corp. (NOVT: Research, Estimates) up 12 to 50-3/8.
Shares of Novoste Corp., a maker of medical equipment, climbed following an announcement of favorable clinical trials that showed beta radiation reduced blockage of clogged stents. Stents are used to prolong the benefits of angioplasty, keeping coronary arteries open after the procedure.
Times Mirror Co. (TMC: Research, Estimates) up 36-9/16 to 84-1/2.
Tribune Co. will acquire Times Mirror Co. in an $8 billion cash and stock transaction, joining two of the nation's leading media companies, the firms said. The combined businesses will have annual revenue of more than $7 billion, as well as 11 daily newspapers, 22 television stations and four radio stations. The combined company will be one of the largest providers of interactive news and information services in the United States.
OEA Inc. (OEA: Research, Estimates) up 2-9/16 to 9-5/8.
OEA Inc., maker of airbag inflators, agreed to be acquired by Swedish-U.S. car safety group Autoliv Inc. for $10 a share. As of March 10, OEA had 20.61 million shares outstanding, according to S&P MarketScope, making the cash deal worth $206 million.
Datalink.net Inc. (DLK: Research, Estimates) up 9-11/16 to 61-5/8.
Datalink.net Inc., which provides software Web programs via wireless transmissions, said its board approved a 2-for-1 stock split in the form of a stock dividend.
Dell Computer Corp. (DELL: Research, Estimates) up 3-13/16 to 55-1/16.
Banc of America analyst Kurt King raised Dell to strong buy from buy and raised his price target from $52 to $72. "Dell looks like a momentum play and is ready to get back on its old path of meeting or beating estimates," King said. Financial analysts at Robertson Stephens also upgraded Dell to strong buy from buy.
Infineon Technologies (IFX: Research, Estimates) up 35-13/64 to 69-1/8.
Chip maker, Infineon Technologies, a unit of German electronic maker Siemens, will be traded in the form of American depositary receipts with each ADR representing one common share. The $4.8 billion deal is priced at $33.92 per ADR.
Chiron Corp. (CHIR: Research, Estimates) down 12-11/16 to 47-1/4.
Shares of Chiron Corp. fell 20 percent after the biotechnology firm reported that its FGF-2 drug, intended to treat coronary artery disease, fell short of goals in a clinical trial.
i2 Technologies Inc. (ITWO: Research, Estimates) down 11 to 197.
Software maker i2 Technologies Inc. plans to buy Aspect Development Inc., a rival maker of business-to-business e-commerce software, in a deal worth $9.3 billion, the largest merger ever in the software industry.
StarMedia Network, Inc (STRM: Research, Estimates) down 16-1/4 to 33-3/4.
Salomon Smith Barney cut its rating of this online network targeting Latin America to neutral from buy.
Crayfish Co. (CRFH: Research, Estimates) down 22-11/16 to 63-1/4.
Crayfish Co., which provides e-mail services for small and medium-size businesses, fell considerably after just a week on the market. Last week, Crayfish ran up as high as $166 on enthusiasm over the growing use of the Internet in Asia. The Tokyo-based company provides e-mail through a system called Hitmail, which allows users to create e-mail addresses based on domain names of their choice.
-- Compiled from wire reports by staff writer Lucy Banduci