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Stock Market & Financial Investment News

News Breaks
July 31, 2014
06:45 EDTOTEXOpen Text upgraded to Outperform from Neutral at Credit Suisse
News For OTEX From The Last 14 Days
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May 20, 2015
19:02 EDTOTEXOn The Fly: After Hours Movers
UP AFTER EARNINGS: salesforce.com (CRM), up 6.6%... Williams-Sonoma (WSM), up 4%. ALSO HIGHER: CTPartners (CTP), up 42% after agreeing to exclusive negotiations to be acquired by DHR International. DOWN AFTER EARNINGS: Xunlei (XNET), down 14.9%... NetApp (NTAP), down 8%... Open Text (OTEX), down 7.7%.... Rexnord (RXN), down 7.1%... Synopsys (SNPS), down 1.5%... Youku Tudou (YOKU), down 1.2%. ALSO LOWER: Wave Systems (WAVX), down 8.5% after filing to sell Class A common stock and warrants... OXiGENE (OXGN), down 5.1% after filing mixed securities shelf.
16:06 EDTOTEXOpenText announces restructuring plans
The company announced that it is initiating a restructuring program in conjunction with organizational changes to support its Cloud strategy and drive further operational efficiencies. Barrenechea said, "Effective immediately, we are announcing a simplification of our business structure around Enterprise, Information Exchange and Analytics, as well as a new Global Technical Services organization. This structure will allow us to scale as we continue to acquire complementary businesses over time, and will provide additional focus on winning the customer and capturing the lifetime value of that relationship. As a result of the restructuring, we expect to save approximately $50M in annualized operating expense, accretive to FY16 earnings and with little to no impact on revenues." The restructuring program costs are primarily related to employee severance arrangements and facility expenses, and are expected to result in a pre-tax restructuring charge of approximately $25M, total cash payments in the same amount, and a reduction in the company's workforce by approximately 5%. The company expects these charges to be incurred, and the costs to be paid out, substantially in the 1Q16.
16:05 EDTOTEXOpenText sees Q4 EPS 64c-72c, consensus 89c
Sees Q4 revenue $440M-$455M, consensus $487.78M. Barrenechea commented, "We continue to experience significant foreign exchange volatility due to the strengthening of the U.S. dollar. Our outlook is adjusted for anticipated negative foreign exchange impacts of approximately $44M to revenue and approximately 11c to adjusted EPS compared to the Fourth Quarter Fiscal 2014. These currency movements, which represent the majority of the adjustment, combined with the impact of our customers transitioning to the Cloud and a challenging global selling environment, form the basis for our Fourth Quarter Fiscal 2015 outlook today."
16:03 EDTOTEXOpenText CEO resumes full involvement in day-to-day operations
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