Today - Thursday, December 5, 2013
11:17 AMPolycom buying back $115M worth of shares through ASRs
- Polycom (PLCM +0.7%) plans to buy back $115M worth of shares (6% of outstanding shares at current levels) via accelerated share repurchase (ASR) agreements with JPMorgan and Barclays. (PR)
- Polycom calls the ASRs the "concluding phase" of the $400M buyback program it announced in September. The videoconferencing hardware vendor has already bought back $250M worth of shares through a Dutch tender offer.
10:49 AMMicrosoft slumps as Ford director says Mulally staying until end of 2014
- Ford (F +0.5%) director Edsel Ford II tells Bloomberg Alan Mulally, widely reported to be a top candidate (if not the frontrunner) to replace Steve Ballmer as Microsoft's (MSFT -2.4%) CEO, won't be leaving until the end of 2014.
- Microsoft shares, which have rallied more than once following a report that called Mulally a leading candidate, have spiked lower in response to Ford's comments. Ford shares have risen moderately.
10:45 AMFusion-io names former Cisco finance VP its new CFO, shares rally
- Fusion-io (FIO +2.6%) has named Ted Hull, formerly Cisco's VP of finance, its new CFO. The hiring comes six weeks after Fusion-io announced CFO Dennis Wolf would be leaving to "pursue an opportunity at a private company." (PR)
- Fusion-io, wracked by executive upheaval this year, named a new sales chief on Tuesday.
10:21 AMGT Advanced revises, prices stock and convertible debt offering
- After initially announcing it would sell $125M worth of convertible senior notes due 2020 and 12M shares, GT Advanced (GTAT +0.9%) has decided to sell $190M worth of convertible notes and 8.65M shares. Underwriters have overallotment options for $24M worth of notes and 1.29M shares. (PR)
- The notes carry an interest rate of 3%, and a conversion price of $12.11 (up 35% from current levels). The shares are priced at $8.65 (4% below current levels).
- GT expects net proceeds of $254M, or $288M if the overallotment option is exercised in full.
9:57 AMA roundup of tech ratings changes
- Sprint (S +2.9%) has been upgraded to Buy by Nomura.
- Open Text (OTEX +1.2%) has been upgraded to Neutral by Susquehanna.
- Lumos Networks (LMOS +3%) has been started at Buy by Canaccord.
- Mavenir Systems (MVNR +6%) has been started at Buy by Deutsche after posting its Q3 results.
- Arris (ARRS +5.7%) has been started at Buy by Brean.
- Tangoe (TNGO +3.6%) has been started at Buy by Roth.
- Cabot Microelectronics (CCMP +1.9%) has been started at Buy by Needham.
9:45 AMReneSola tumbles post-earnings; polysilicon plant to be shuttered
- In its Q3 report, ReneSola (SOL -17.7%) states it has decided to "permanently cease production" at its Phase I polysilicon plant, following unsuccessful effort to lower its cost structure. A $202.8M charge is being taken on the plant's assets.
- The company saw Q3 wafer/module shipments of 851MW, roughly flat Q/Q but above guidance of 730MW-750MW. Module shipments rose 6.6% Q/Q to 462.9MW, and are expected to be in a range of 490MW-510MW in Q4.
- ReneSola is upping its full-year wafer/module shipment range to 3GW-3.1GW from a prior 2.8GW-3GW.
- Q3 gross margin was 8.1%, up from 7.3% in Q2 and -18% a year ago (no typo), and in-line with guidance of 7%-9%. Investors may have wanted more in light of the big GM gains posted by some peers. Q4 GM is expected to be in a range of 9%-11%.
- Strong sales to the U.S. and other overseas markets improved ReneSola's ASPs; the company sees the trend continuing in Q4.
- Cash/equivalents totaled $438.5M at the end of Q3, and total debt/borrowings $1.53B.
- Q3 results, PR
9:38 AMSouFun prices upsized $350M convertible note offering| Comment!
3:19 AMAT&T eyes $2.75B Verizon spectrum
- AT&T (T) is reportedly thinking about bidding for spectrum licenses owned by Verizon Wireless (VZ), which bought the assets for $2.4B and may receive up to $2.75B in any deal.
- An AT&T bid could put it up against T-Mobile US (TMUS), whose marketing strategy has included targeting AT&T in the companies' battle for customers.