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By Joseph C. Panettieri  |  Posted 2004-03-15 Print this article Print

: Last weeks major winner">Last weeks major winner Among our index members, American Management Systems Inc. (AMSY, +21.33) was last weeks only major winner. The Fairfax, Va.-based IT consulting firm essentially broke itself into two companies, which were sold to CGI Group Inc. and CACI Corp. Under terms of the agreements, Canada-based CGI will acquire AMS for $858 million in cash and CACI will pay $415 million in cash for AMSs Defense and Intelligence business. AMS expects the deals to achieve regulatory and shareholder approval in the second quarter. If approved, the CGI-AMS combo represents a formidable foe to Computer Sciences Corp. (CSC, -1.4%), Keane Inc. (KEA, 0.0%) and other large IT consulting firms. Together, CGI and AMS will have roughly $3 billion in annual revenue and 25,000 employees across the U.S., Canada and Europe.
Meanwhile, Lockheed Martin Corp. and index member Titan Corp. (TTN, -3.49 percent) extended their proposed merger deadline to April 12. Ongoing investigations by the Justice Department and the SEC forced Lockheed and Titan to abandon a Titan shareholder vote on March 16. As reported, Titan consultants may have made certain illegal payments in Europe.
Elsewhere, Tech Data Corp. delivered stellar 4Q results. The distributor posted net income of $38.9 million for its quarter ended Jan. 31, compared to a $303 million net loss for the comparable quarter last year. Tech Datas year-over-year quarterly sales jumped 23 percent to $4.92 billion. CEO Steven A. Raymund credited strong European sales for the robust results. Still, Tech Data shares (TECD) declined 2.48 percent on the week. Sometimes, you just cant outrun market bears. Next page: Stock Index Weekly Performance


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