May 23, 2001
The semiconductor supplier announced yesterday it would work together with International Business Machines Corp. to deliver smaller, cheaper and more powerful chips to drive the next generation of digital television technology.
The two companies signed a licensing and manufacturing agreement and Mitel expects to launch its first chip in the fall, which will support the European digital video broadcasting standard.
Mitel stock responded kindly to the news, rising 10% at yesterday's close.
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Ballard Power Systems Inc. (BLD/TSE), up $4 to $91.75, on volume of 397,312 shares.
Shares in Ballard jumped 5% yesterday after it announced it is paying US$12.8-million to buy the carbon products unit of manufacturing giant Textron Inc. in a deal that will also, for the first time, bring the fuel cell developer a stream of commercial revenue.
Ballard said the deal is expected to close on Thursday.
Ballard will rename the business, which employs more than 50 people in Lowell, Mass., Ballard Material Products Inc.
Because Ballard is still years away from commercial production of its fuel cells, most of its revenue has been limited to supply contracts on prototype fuel cells and investment income.
Textron's carbon business generated revenue of US$11.8-million in 2000 through the sale of specialized carbon products to several customers.
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Global Election Systems Inc. (GSM/TSE), down 41� to $3.50, on volume of 39,260 shares.
Global Election announced yesterday that it has engaged in "preliminary discussions with a variety of potential partners" about strategic alliances or the acquisition of the company.
Management said it has been talking to prospective buyers and partners since last November's U.S. presidential election.
The press release did little to boost the stock, which was down 10% yesterday on light trading.
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Peabody Energy Corp. (BTU/NYSE), up US$8.75 to US$36.75, on volume of 10.4 million shares.
Investors sent the initial stock offering from one of the world's largest coal companies through the roof yesterday, pushing the stock up 31% after only one day of trading.
The debut gave the St. Louis-based company a market value of about US$1.8-billion. Peabody is responsible for 9% of U.S. electricity generation.
