Pace-Cisco pact:
Pace Micro soars after Cisco pact
LONDON, Oct 27 (Reuters) - Shares in Pace Micro Technology Plc surged on Wednesday on news U.S. networking giant Cisco Systems Inc had said it would work with the UK group and nine others on broadband wireless Internet services, dealers said.
Pace Micro stock climbed 37p or 16.6 percent to 260p by 0944 GMT in volume of around 1.1 million shares, having earlier hit a record high of 265p.
It was also the best performing stock among the top 350 listed UK companies at the time.
Cisco said that, as a result of technology it acquired in November with its acquisition of Clarity Wireless Inc., two-way data, voice and video communications via the air were possible to both home and businesses at speeds comparable to some cable modems and DSL services.
Analysts said decoder makers such as Pace Micro were likely to benefit from developments in wireless technology as domestic users would access information through their set-top boxes.
``The set-top manufacturers are likely to be the gate keepers of the big information pipeline coming into people's houses -- whether it is programming, digital services, or online access,' said Patrick Yau, technology analyst at Credit Suisse First Boston.
Other companies joining Pace Micro and Cisco in establishing the new wireless technology include Motorola Inc (NYSE:MOT - news), Samsung , Texas Instruments Inc. (NYSE:TXN - news) and a unit of conglomerate Toshiba .
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