Agilent Technologies Shares Soar
PALO ALTO, Calif. (AP) _ Shares in Agilent Technologies Inc. soared Monday after the company announced it had developed new technology that carries voice, data and video without converting them from photons to electrons.
Agilent shares jumped 54 percent to $162, up $54 in trading at 4:30 p.m. on the New York Stock Exchange,
The Agilent Photonic Switching Platform would help an industry that has been moving toward all-optical networks to manage the growing data traffic brought on by the rise of the Internet.
Older communications networks must go through the time-consuming task of converting optical signals from photons, or light waves, into electrons.
Agilent said it will unveil the new technology Tuesday at the Optical Fiber Conference in Baltimore, although commercial prototypes will not be available until the end of the year.
Agilent was recently spun off from Hewlett-Packard Co., though its former parent company still owns about 85 percent of Agilent. Shares of Hewlett-Packard also rose Monday, up $6.93 3/4 to $145.56 1/4, on the NYSE.