IBM TO TRANSFER CHIP OPS; REVENUE DROPS AGAIN
IBM posted sharply lower earnings in its third quarter as sales
fell across most of its segments and it unveiled a deal to transfer
its semiconductor operations to Globalfoundries. IBM shares down 7%
premarket.
SAP NET PROFIT RISES 15%, CUTS OUTLOOK
Enterprise software provider SAP lowered its earnings outlook
for this year Monday, even as it reported a 15% increase in
third-quarter net profit, boosted by growth in subscriptions for
its cloud-based software products.
SEARS SEEKS NEW CASH VIA TWO PATHS
Sears unveiled measures in a bid to raise cash, one of which
again taps into the hedge fund of its billionaire CEO. It said it
would lease seven locations to European fashion retailer Primark,
and it unveiled an offering of debt rights and warrants.
CANADIAN PACIFIC, CSX TALKS END
Canadian Pacific Railway said exploratory talks with CSX about a
possible merger have ended and no further discussions are planned.
CP didn't provide a reason for the scuttled talks.
PLATFORM SPECIALTY PRODUCTS TO BUY ARYSTA LIFESCIENCE
Platform Specialty Products, an acquisitive chemical company
part-owned by activist investor William Ackman, confirmed it will
acquire rival Arysta LifeScience for about $3.51 billion.
SHELL MIDSTREAM PARTNERS LAUNCH IPO IN NEW YORK
Shell Midstream Partners, a limited partnership formed by
Anglo-Dutch Oil giant Royal Dutch Shell, Monday launched an initial
public offering of 37.5 million common units in New York.
VENTURE CAPITALIST ANDREESSEN TO LEAVE EBAY BOARD
EBay said venture capitalist Marc Andreessen has decided to
resign from the company's board. His resignation follows eBay's
announcement last month that it would spin off its PayPal unit.
RUSSIA, UKRAINE EDGE CLOSER TO NATURAL-GAS DEAL
Russia and Ukraine have agreed a price for winter gas supplies,
officials from both countries said, moving closer to a deal that
would ease concerns that the countries' dispute could disrupt
supplies to Europe.
CONSORTIUM SEEKS TO BUY REEBOK FROM ADIDAS
A consortium of investors from Hong Kong and Abu Dhabi is
launching a bid to buy Reebok from Adidas, in a move that, if
successful, would unwind an eight-year-old marriage of sneaker
makers that has shown disappointing results.
HALLIBURTON INCREASES DIVIDEND; REVENUE RISES 16%
Halliburton said its board has approved a 20% increase to its
quarterly dividend, raising it to 18c a share, while also reporting
a 16% jump in 3Q revenue. Overall, the company reported a profit of
$1.2 billion, or $1.41 a share.
BOYS' TOYS DRIVE HASBRO TO PROFIT BUMP
Toy maker Hasbro said that strong sales growth in its boys'
division helped drive a 43% earnings boost. Hasbro posted a profit
of $180.5 million, or $1.40 a share as revenue increased 7.2% to
$1.47 billion.
VALEANT PUSHES BUSINESS STRENGTH AS EARNINGS TOP
EXPECTATIONS
Valeant Pharmaceuticals, whose business model has been
criticized by buyout target Allergan, posted earnings of $275.4
million, or 81c a share, exceeding expectations. Revenue improved
33% to just under $2.06 billion.
NUTRECO AGREES TO SHV'S TAKEOVER OFFER
SHV said it will buy Dutch animal-feed maker Nutreco for EUR2.7
billion ($3.4 billion), in the latest sign that the growing global
demand for meat and fish is fueling appetite for acquisitions in
the food industry.
EU, CHINA COMPLETE DEAL ON TELECOMS EQUIPMENT
The E.U. and China completed a deal that will end the threat of
punitive import tariffs on Chinese telecommunications equipment
makers Huawei Technologies Co. and ZTE Corp., people familiar with
the agreement said.
LUFTHANSA PILOTS TO EXPAND STRIKE
German union Vereinigung Cockpit said Monday it has called
Deutsche Lufthansa pilots to expand their strike to some long-haul
flights on Tuesday.
PHILIPS SWINGS TO LOSS
Royal Philips' CEO vowed to get the Dutch electronics and
lighting group's business back on track after it swung to a net
loss in the third quarter due to problems at one of its U.S.
health-care plants and legal provisions.