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Tech Industry

STOCKS TO WATCH: IBM, Juno Online and PSINet

    Expect the following technology stocks to be among Tuesday’s most actively traded issues: IBM, Juno Online and PSINet.

  • IBM (NYSE: IBM)

    IBM will be active Tuesday after it and Toshiba announced they will form a Bluetooth qualification venture with IBM Japan Ltd and Taiyo Yuden next February.

    The Japan-based Bluetooth qualification unit is expected to help speed launches of Bluetooth-enabled devices in Japan, company officials said.

    IBM Japan is the Japanese unit of International Business Machines Corp, and Taiyo Yuden is a leading maker of electronics components.

    The new company will be owned 80.5 percent by Toshiba, 10 percent by Taiyo Yuden and 9.5 percent by IBM Japan.

    Toshiba launched Bluetooth-enabled wireless modem stations in July for the Japanese market.

    Bluetooth is a global wireless technology standard that enables users to connect mobile devices such as computers and digital cell phones, as well as network access points, via wireless links unimpeded by line-of-sight restrictions.

    World production of Bluetooth products such as cell phones and other devices is expected to reach 93 million units in calendar 2001, 250 million units in 2002 and 700 million units in 2005, Toshiba said.

    IBM shares shot up $7.44 to $89 Friday.

  • Juno Online Services (Nasdaq: JWEB)

    The Internet services provider will be worth watching Tuesday after it said CFO Rick Eaton will resign in the first quarter to pursue other opportunities.

    “Rick has made many valuable contributions to Juno over the past four years, and I want to personally thank him for them,” CEO Charles Ardai said in a prepared release. “He leaves us with a seasoned and capable financial organization, and we wish him the best of luck in his future endeavors.”

    Harshan Bhangdia, Juno's senior vice president and corporate controller, will be acting chief financial officer while the company searches for Eaton's replacement.

    Juno Online shares finished unchanged at $1.25 a share Friday.

  • PSINet (Nasdaq: PSIX)

    PSINet shareholders should be relieved after Friday’s decision by a federal judge to dismiss 14 of 15 class-action lawsuits accusing the Internet services provider of securities fraud.

    The plaintiffs had claimed the company misled investors about its financial strength.

    The fact that the stock fell from a 52-week high of $60.94 in March to a close of 88 cents a share Friday understandably upset a bunch of shareholders.

    But U.S. District Judge Leonie M. Brinkema she saw no evidence of deception and dismissed all but one lawsuit.

    The only lawsuit allowed to go forward is one filed by former shareholders of Metamor Worldwide Inc., a consulting firm that PSINet purchased back in March in a $2 billion stock transaction.

    Those shareholders allege that Metamor may not have agreed to the acquisition if they had received a complete portrayal of PSINet's financial performance.

    Reuters contributed to this report. >