Redback stock up 11% on Chinese contract:
Thursday December 7, 5:41 pm ET
Stock in Redback Networks Inc. shot up nearly 12 percent Thursday, a day after it said it won the second phase of a major contract with China's biggest telecom carrier.
San Jose-based Redback (NASDAQ:RBAK - News) said Guangdong Telecom will use its routers to deliver broadband internet, IPTV and virtual private network services for up to 4 million homes and businesses,
Its stock closed up $1.78 to $16.94 Thursday. Redback had dropped by half between May when it was trading as high as $24.99 and July 21 when it sank to $12.40.
Published December 7, 2006 by the Silicon Valley/San Jose Business Journal
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