GeoEye shares up on India deal
HERNDON, Va. (AP) — GeoEye Inc.'s shares jumped Tuesday after the company said it struck a six-figure deal with the government of India.
THE SPARK: GeoEye said that it will sell imaging products for the government to use in the planning and development of two high-speed freight railway corridors. The company will provide stereo imagery products, which it says is the highest satellite imagery commercially available worldwide.
THE BIG PICTURE: GeoEye, based in Herndon, Va., provides high-resolution images from satellites and other products to clients in the defense, intelligence, public safety, energy and infrastructure markets.
Competing imaging company DigitalGlobe announced in July that it is buying GeoEye in a cash-and-stock deal worth about $453 million.
SHARE ACTION: GeoEye's shares rose 71 cents, or 2.2 percent, to $33.39 in afternoon trading. Earlier they hit a 52-week high $34.52.
DigitalGlobe Inc. shares gained 2.6 percent at $26.96 in afternoon trading. They also hit a 52-week high, at $27.84, earlier in the session.