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Stock Market & Financial Investment News

News For IBM;ADBE;BBY;WMT;AMZN;TGT;SHLD;NILE;JCP From The Last 14 Days
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October 20, 2014
12:01 EDTAMZNNetflix, Amazon recomended as short ideas by Fred Wilson, Bloomberg reports
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10:25 EDTIBMIBM CEO says company already has been aggressive on changing
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10:11 EDTSHLDSears comments on rights offering, Primark deal in blog entry
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10:09 EDTIBMIBM hits fresh 52-week low after miss, levels to watch
Shares hit a fresh 52-week low earlier in the session at $166.71 but have bounced fractionally since then. That new low is now support. Resistance is at $172.99.
09:22 EDTIBMOn The Fly: Pre-market Movers
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09:13 EDTIBMIBM says acquistions meant to supplement, not transform, Enterprise business
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08:44 EDTIBMIBM CEO says recent Apple, SAP deals represent change in partnering strategy
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08:34 EDTIBMIBM lowers FY14 free cash flow view to $12B-$13B
08:32 EDTIBMIBM sees taking workforce rebalancing charge of up to $600M in Q4
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08:20 EDTIBMIBM says some fundamental industry shifts happening faster than planned
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07:42 EDTWMTWal-Mart de Mexico reports Q3 net income 4.87B pesos vs. 5.12B pesos last year
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07:24 EDTSHLDSears board approves rights offering
Sears announced that the company’s board of directors has approved a rights offering allowing its stockholders to purchase up to $625M in aggregate principal amount of 8% senior unsecured notes due 2019 and warrants to purchase shares of its common stock. This rights offering will generate up to an additional $625M in proceeds, if it is fully subscribed and closes as planned, with the proceeds to be used for general corporate purposes. The subscription rights will be distributed to all stockholders of record of the company, and every stockholder will have the right to participate on the same terms in accordance with its pro rata ownership of the company’s common stock, except that holders of the company’s restricted stock that is unvested as of the record date are expected to receive cash awards in lieu of subscription rights. In the rights offering, the company anticipates that holders of its common stock, other than holders of restricted stock that is unvested, will receive subscription rights on a pro rata basis based on shares of common stock held at the close of business on October 30, the record date for the rights offering. Each subscription right will entitle the holder thereof to purchase, at a subscription price equal to the principal amount of each note, one unit, consisting of an 8% senior unsecured note due 2019 in a principal to be determined and a number of warrants equal to that principal amount divided by the strike price for the warrants, with each warrant entitling the holder thereof to purchase one share of the company’s common stock at a strike price of $28.41, the closing market price on October 17. The warrants will be exercisable for a period of five years following the offering. Upon the closing of the rights offering, the components of the units will immediately separate from one another such that the senior unsecured notes and warrants will constitute separate securities and will be transferable separately. The subscription rights will be transferable and are expected to be listed and traded on the NASDAQ. The senior unsecured notes will be transferable but will not be listed for trading on any exchange. The warrants will be transferable, and the company intends to apply to list the warrants for trading on the NASDAQ. Holders of subscription rights who fully exercise all of their subscription rights may also make a request to purchase additional units through the exercise of an over-subscription privilege, although we cannot assure investors that any over-subscriptions will be filled.
07:21 EDTIBMIBM sees $1.5B pretax gain related to deal with Lenovo Group
IBM (IBM) announced that on October 1 the company and Lenovo (LNVGY) completed the initial closing of the sale of IBM’s industry standard server business to Lenovo. The transition began on October 1 in countries that are part of the initial closing, which included most major markets. The transaction is expected to close later this year in most other countries which have a larger business footprint, with the remaining countries following in early 2015. The transaction price is approximately $2.1B and as consideration, IBM received $1.8B in cash, with the remaining consideration paid in Lenovo stock. IBM expects to recognize a total pre-tax gain on the sale of approximately $1.5B, which does not include associated costs related to transition and performance-based costs. Net of these charges, the gain is approximately $1.0B. Almost all of the gains will be booked in the fourth quarter of 2014, with the remaining portion expected beyond 2014, IBM stated.
07:18 EDTIBMIBM sees FY14 operating EPS down (4%)-(2%) from $16.64 in FY13
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07:16 EDTIBMIBM no longer expects 'at least' $20 operating EPS in 2015
FY15 EPS consensus $19.75. Says will provide view of 2015 in January. Comment from slides for Q3 earnings call.
07:08 EDTIBMIBM sees deal with Globalfoundries closing in 2015
07:08 EDTIBMIBM expects to request additional share repurchase authorization at Oct. meeting
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07:07 EDTIBMIBM reports Q3 Global Services segment revenue down 3% to $13.7B
Revenues from the Software segment were $5.7B. Revenues from continuing operations from the Systems and Technology segment totaled $2.4B. The company’s total gross profit margin from continuing operations was 48.6 percent in the 2014 third-quarter period compared with 49.0 percent in the 2013 third-quarter period. Total operating gross profit margin from continuing operations was 49.2 percent in the 2014 third-quarter compared with 50.1 percent in the 2013 third-quarter period.
07:06 EDTIBMIBM committed to returning value to shareholders through dividends, repurchases
07:05 EDTIBMIBM reports Q3 EPS $3.68, consensus $4.32
Reports Q3 revenue $22.4B, consensus $23.37B. We are disappointed in our performance. We saw a marked slowdown in September in client buying behavior, and our results also point to the unprecedented pace of change in our industry. While we did not produce the results we expected to achieve, we again performed well in our strategic growth areas – cloud, data and analytics, security, social and mobile - where we continue to shift our business. We will accelerate this transformation,” said Ginni Rometty, IBM chairman, president and CEO.
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