Shares of Isreali telecommunication equipment maker Orckit Communications (Nasdaq: ORCT
) are higher today on rumors the company could be the target of a takeover bid. The rumors follow news yesterday that fellow Isreali company, PowerDsine, Ltd (Nasdaq: PDSN
) was acquired by Microsemi Corp. (Nasdaq: MSCC
Recent talk has centered around Cisco (Nasdaq: CSCO
) buying Orckit.
A representative at the company's outside investor relations firm confirmed that the rumors were the likely driver of today's stock action but had nothing else to report.
Orckit will release third quarter 2006 results on the morning of Tuesday, October 31, 2006.
Orckit is a provider of advanced telecom equipment targeting high capacity broadband services. The Company's products include Corrigent's CM-100 metro optical transport solution, based on RPR and MPLS technologies, delivering packet transmission services in the metro area.
Shares of Orckit are 16% higher to $8.58 in afternoon action Wednesday.