Wednesday June 10, 12:19 pm Eastern Time
SyQuest Tech shares active on Compaq pact
NEW YORK, June 10 (Reuters) - Shares of SyQuest Technology Inc. were the most actively traded issue Wednesday in midday trading on the Nasdaq Stock
Market amid news the company signed a three-year pact with computer giant Compaq Computer.
The shares stood up 3/32 at 1-25/32 on volume of more than 6.6 million shares.
SyQuest, which makes computer-disk drivers, made the announcement late Tuesday. Under terms of the agreement, Compaq will incorporate SyQuest's SparQ
1.0 internal removable cartridge hard drive into Compaq's new Configure-to-Order computers.
SyQuest's chief executive, Ed Harper, said in a press release Tuesday the Compaq deal should boost sales. He did not quantify the amount, however.
The company had sales of about $45 million last year.
''Yesterday's announcement was significant, there's no doubt about it,'' said Howard Rosencrans, an analyst at HD Brous & Co. ''We believe the SparQ driver
has been very successful.''
Rosencrans said SyQuest shipped 40,000 drivers in the November quarter, 150,000 in the March quarter and may ship as many as 200,000 in the June quarter. |
