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Glenayre Technologies shares on the rise

Glenayre Technologies Inc. (Nasdaq: GEMS) shot up 1 21/32, or 42 percent, to 5 5/8 Friday after announcing that it formed a joint marketing, research and development partnership with AG Communication Systems, a subsidiary of Lucent Technologies Inc. (NYSE: LU)

The two companies will team up to develop a next-generation Intelligent Network-grade applications platform for the prepaid services market.

This new platform will support current global telecommunication standards in the wireless telecommunications industry. It will also provide for smooth, software-only upgrades to support emerging network standards.

Glenayre Technologies shares moved up to a 52-week high of 12 1/4 last July before falling to a low of 3 1/8 in April.

First Call consensus expects it to break even in its second quarter and earn 19 cents a share in the fiscal year.

Four of the six analysts following the stock rate it a "hold."

Lucent Technologies shares were up 1 15/16 to 70.>