Shares of Elcom International Inc. (Nasdaq: ELCO) shot up 1 11/32, or 25 percent, to 6 23/32 Tuesday, one day after announcing its subsidiary elcom.com would partner with Seagate Technology Inc.'s (NYSE: SEG) software subsidiary to offer Internet procurement software.
By teaming up with Seagate Software, elcom.com will offer data analysis capabilities to users of PECOS Internet Procurement Manager, its remotely hosted automated procurement system. Seagate Software's software helps organize, track and analyze eProcurement related information captured through elcom.com's remotely hosted automated procurement system.
Seagate shares were off 15/16 to 36 15/16 in midday trading.
"We chose to partner with Seagate Software because of their powerful web- based business intelligence tool that would enable us to deliver very rich analysis from the high volume of data being generated in our remotely-hosted PECOS Internet Procurement Manager system and turn it into valuable information for our buying organizations," said CEO Robert Crowell in a prepared release.
Last week, Elcom International posted a third-quarter loss of $7.5 million, or 27 cents a share, on sales of $91 million. In the year-ago quarter, it lost $15 million, or 55 cents a share, on sales of $195 million.
First Call consensus expects it to lose another 35 cents a share in its fourth quarter.
Its shares moved up to a 52-week high of 8 15/16 in April after falling to a low of 1 1/4 last November.
Both analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.>