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BEA shares rise on Schwab contract

BEA Systems shares rise nearly 13 percent after the company inks a three-year licensing deal with financial giant Charles Schwab.

BEA Systems shares gained nearly 13 percent Wednesday after the company inked a three-year licensing deal with financial giant Charles Schwab.

Shares in the e-business software vendor marched up $6.38 to $55.50, erasing a 13 percent drop Monday, which was caused by a fiscal 2002 fiscal earnings cut from Wit Soundview.

Under the terms of the deal, Schwab will have unlimited licenses for BEA's Java-based WebLogic Server for the next three years.

The financial company plans to use the server in its wireless trading business in the United States and Hong Kong, in addition to trading systems for global affiliates in Canada and Japan. The deal also covers any subsequent applications over the life of the contract.

Despite Monday's drop, BEA has been bullish of late. In addition to strong performance over recent quarters, the company bucked the recent warning trend by raising earnings estimates for its fourth quarter, along with revenue targets for fiscal 2002, back in November.