By Debra McGarry, CBS MarketWatch
Last Update: 1:40 PM ET Jul 2, 1999 NewsWatch
CHARLOTTE, N.C. (CBS.MW) -- Glenayre Technologies charmed the market Friday, its shares rising 40 percent with the help of a large block trade following positive news Thursday.
Stock in the telecommunications equipment and software supplier (GEMS: news, msgs) jumped 1 3/4 to 5 11/16 on volume of 10.7 million shares. According to Eric Buck, analyst at Donaldson Lufkin & Jenrette, one large block of shares traded hands Friday morning, about 2.5 million, "which likely led other investors to put their money in."
On Thursday, Lucent Technologies' (LU: news, msgs) subsidiary AG Communications Systems and Glenayre agreed to provide a next-generation Intelligent Network-grade applications platform for the prepaid services market.
"The introduction of AG Communication Systems' network expertise and Service Control Point technology into the Glenayre Intelligis product line represents a key investment in the future for Glenayre and our customers," said Terry Kraft, general manager and vice president in a release.
Buck however, said he thinks "the deal with AG Communications was not a major deal."
Shares of Lucent were up 2 to 70 1/16 in recent trading.
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