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Cisco (CSCO)
Cisco Systems recent offer to purchase Norwegian videoconferencing firm Tandberg for 153.50 crowns per share has been rejected by a group holding 24% of the firm’s outstanding shares.
Amund Lunde, CEO of Oslo life insurance group Pensjonsforsikring and member of the group that turned down the bid said, "We think the price is too low." Cisco's offer values Tandberg at about 23 times next year's projected earnings, slightly above U.S. rival Polycom's multiple of 21.7.
Oct 15 · 10:47:00 AM
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by Michael Oliveto
Cypress Semiconductor Corporation (CY)
Cypress Semiconductor Corp. (NYSE:CY) today announced that revenue for the 2009 third quarter was $178.7 million, up 15% from $155.8 million for the prior quarter, and down 20% from $222.7 million for the year-ago period (excluding SunPower). Cypress recorded a GAAP net loss of $19.7 million in the 2009 third quarter, or a diluted net loss per share of $0.13. This compares with last quarter’s diluted net loss per share of $0.32 and diluted earnings per share in the year-ago third quarter of $0.86.
Q3 results exceeded guidance and revenue increased was a good surprise.
Oct 15 · 10:44:00 AM · Source: Business Wire
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by Larry Etter
Capital One (COF)
Capital One Financial reported in a regulatory filing that its annualized net charge-off rate has risen to 9.77% in September up from 9.32% in August.
This is another sign that U.S. consumers remain under stress. Accounts at least 30 days delinquent, an indicator of future loan losses, increased to 5.38% percent from 5.09% percent.
Oct 15 · 10:37:00 AM · Source: CNBC
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by Michael Oliveto
Southwest Airlines (LUV)
Southwest Airlines (NYSE: LUV) today reported a third quarter Net loss of $16 million, or $.02 loss per diluted share, compared to a net loss of $120 million, or $.16 loss per diluted share, for third quarter 2008. Third quarter 2009 results included special items (net of profitsharing and taxes) consisting of a charge of $27 million relating to the Company's early-out program and a net loss of $12 million, relating to non-cash, mark-to-market and other items associated with a portion of the Company's fuel hedge portfolio.
Q3 operating revenues were 2,666,000 vs. 2,891,000 in last year's comparable period, a decrease of 7.8.
Oct 15 · 10:37:00 AM · Source: PR Newswire
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by Larry Etter
Harley-Davidson (HOG)
Harley Davidson reported earnings of $0.11 per share missing analyst’s forecasts of $0.21 per share. Sales fell 21% to $1.12 billion.
The company plans to discontinue its Buell product line and sell its MV Agusta unit, essentially exiting the sport bike market. It expects to book $125 million in one-time costs associated with the moves.
Oct 15 · 10:17:00 AM · Source: CNBC
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by Michael Oliveto
Walgreen (WAG)
The board of Walgreen Co. (NYSE: WAG) (NASDAQ: WAG) announced it has authorized a new $2 billion share repurchase program. The program, which expires at the end of 2013, replaces the previous $1 billion plan announced in January 2007 which had approximately $655 million remaining. Since 2004, Walgreens has repurchased more than $1.3 billion of common stock.
Walgreen's board also declared a regularly quarterly dividend of 13.75 cents per share, a 22.2 percent increase over the year-ago dividend, and set a long-term dividend payout target of 30 to 35 percent of net earnings.
Oct 15 · 10:12:00 AM · Source: Business Wire
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by Larry Etter
Citigroup (C)
Citigroup reported a $0.27 loss beating the consensus $0.38 loss on revenues of $20.4 billion.
Allowances for loan losses has risen to $36.4 billion which is now 5.9% of total loans. CEO Vikram Pandit commented that consumer credit trends are improving in international markets, but noted that the domestic consumer credit environment remains challenging.
Oct 15 · 10:10:00 AM · Source: 24/7 Wall Street
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CPI
The Consumer Price Index rose 0.2 percent in September, which followed a 0.4 percent increase in August.
The slower pace of CPI rise in September showed that inflation will not be a threat as the economy emerges from the worst recession since the Great Depression.
Oct 15 · 9:58:00 AM · Source: Bloomberg
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by Larry Etter
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