The TV Everywhere software provider is reiterating Q3 revenue and adjusted EBITDA guidance, as well as full-year revenue guidance. But full-year adjusted EBITDA guidance (excludes restructuring costs) has been hiked to -$1M to breakeven from -$2.5M to -$1M.
More details will be given during Synacor's Oct. 30 earnings CC. The job cuts come two months after Himesh Bhise was named CEO, and a week after COO Scott Bailey's departure was announced.
Dow Chemical's (DOW -1.6%) bid to throw out a $1.06B price-fixing verdict imposed after customers accused it of conspiring to artificially inflate polyurethane prices is rejected by a U.S. appeals court, which says there is enough evidence to support the class action award.
The 10th U.S. Circuit Court of Appeals in Denver says new U.S. Supreme Court limits on class actions do not require Dow customers to sue individually, even if some could have avoided price hikes by negotiating or using rival products.
Dow says it is disappointed in the decision and will appeal, including to the Supreme Court if necessary.
Many in the sector (REM -0.9%) presented today at the JMP Financial Services and Real Estate Conference. Those heard in full by this reporter - CYS Investments (CYS -1.6%), Hatteras Financial (HTS -0.9%), and MFA Financial (MFA -1.3%) - presented nothing alarming, but the sector is nevertheless lit up bright red.
Other presenters included Capstead Mortgage (CMO -1.2%), Arlington Asset (AI -2.2%), Dynex Capital (DX -1.7%), Invesco (IVR -1.2%), Armour (ARR -2%), New York Mortgage Trust (NYMT -3.2%), Javelin Mortgage (JMI -1.5%), Five Oaks Investment (OAKS -1.9%), and Apollo Residential (AMTG -1.1%).
MTL borrowed heavily before the financial crisis, and creditors have pushed for a repayment rather than restructuring of its $8.7B in net debt; Russian leaders had said bankruptcy was “a probable scenario” instead of restructuring.
The bottom has fallen out of Walter Investment (WAC -5.9%) over the past few minutes. There's no notable news to report as yet, but perhaps it's been hit with a regulatory investigation similar to those faced by Ocwen Financial (OCN -1%) and Nationstar Mortgage (NSM -1.1%).
Teekay (TK +13.8%) says it will change its dividend policy to link its quarterly payouts to growing cash flows from its two MLPs, Teekay LNG Partners (TGP -0.2%)and Teekay Offshore Partners (TOO -1.7%), and includes an 80% increase in its annual dividend effective Q1 2015.
The moves prompt Deutsche Bank to upgrade shares to Buy from Hold with a $90 price target, raised from $68; the firm says TK’s "bold" new strategy should result in a 20%/year growth in TK’s dividend for the foreseeable future.
Microvision (MVIS +11.1%) has spiked higher over the last 20 minutes of trading. The apparent trigger: A Patently Apple column noting Apple has received a patent for a holographic display that could be used in future Macs or iDevices.
The patent describes a solution that can "provide a three-dimensional viewing and interacting experience, without the requirement of a reflective medium or wearing 3D glasses."
Century Aluminum (CENX +9.9%) is upgraded to Buy from Neutral with a $30 price target, up from $21, at BofA/Merrill, which revises its outlook upon taking a more positive stance on global aluminum markets.
BofA believes the recent retreat in the stock offers an attractive entry point, and it expects earnings to be revised up near term on mark-to-market aluminum price recovery.
The firm expects CENX to swing to $212M net cash as of year-end 2015 from $63M net debt as of year-end 2014, and sees recently trimmed power costs at its Sebree and Hawesville smelters boosting earnings.