On Wednesday, Shares of Alibaba Group Holding Limited (NYSE:BABA), lost -0.37% to $80.26.
Alibaba Group Holding Limited cloud computing partner, and the Chinese Academy of Sciences (CAS) declared that they have signed a memorandum of understanding (MoU) in Shanghai to co-found the Chinese Academy of Sciences – Alibaba Quantum Computing Laboratory (the Laboratory). The new research facility aims to take the study and applications of quantum theory to the next level, heralding new technologies and platforms for information security, connectivity and computing.
Chunli Bai, President of CAS, Jianwei Pan, Professor and Executive Vice President of University of Science and Technology of China (USTC) and a CAS member, and Alibaba Group Chief Technology Officer Jian Wang signed the MoU at the ceremony in Shanghai recently.
Under the terms of the MoU, the Laboratory will conduct pioneering research in quantum theory with a view to discovering ground-breaking security techniques for e-commerce and data centers, in addition to to enhancing computing performance. Both parties will jointly promote the research, development, dissemination and application of quantum computing to lay a strong and stable technical foundation for China to push the envelope on quantum computing.
Alibaba Group Holding Limited, through its auxiliaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally.
Shares of Caterpillar Inc. (NYSE:CAT), declined -0.58% to $77.33, during its last trading session.
Caterpillar declared it reached a definitive agreement with Citibank N.A. to purchase a total of $1.5 billion of its common stock under an accelerated stock repurchase transaction.
“The continued strength of our balance sheet and strong cash flow allow us to return capital to stockholders despite weakness in the cyclical industries we serve,” said Caterpillar Chairman and CEO Doug Oberhelman. “Repurchasing an additional $1.5 billion of Caterpillar stock in the third quarter of 2015 will bring our total 2015 stock repurchases to about $2 billion. In addition to the stock repurchase, our Board of Directors recently raised the quarterly dividend by 10 percent, further demonstrating our commitment to stockholders.”
Following the terms of the accelerated stock repurchase agreement, Caterpillar agreed to repurchase a total of $1.5 billion of its common stock from Citibank N.A., with an immediate delivery of about 18 million shares based on current market prices. The final number of shares to be repurchased and the aggregate cost per share to Caterpillar will be based on Caterpillar’s volume-weighted average stock price during the term of the transaction, which is predictable to be accomplished in September 2015. In January 2014, the Board of Directors authorized the repurchase of $10 billion of Caterpillar stock, which will expire on December 31, 2018. Through the end of the second quarter of 2015, about $3 billion of the $10 billion authorization was spent.
Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide.
Finally, Silicon Laboratories Inc. (NASDAQ:SLAB), ended its last trade with -11.19% loss, and closed at $45.31.
Silicon Laboratories stated financial results for its second quarter ended July 4, 2015. Revenue in the second quarter was within guidance and established a new record at $164.9 million, up from $163.7 million in the first quarter.
Second Quarter Financial Highlights
On a GAAP basis:
- Gross margin was 59.1 percent
- R&D expenses were $47.5 million
- SG&A expenses were $41.0 million
- Operating income as a percentage of revenue was 5.5 percent
- Diluted earnings per share were $0.17
Silicon Laboratories Inc., a fabless semiconductor company, designs, develops, and markets mixed-signal analog intensive integrated circuits (ICs). The company offers broad-based products, counting microcontrollers; timing devices comprising clocks and oscillators; power and isolation products; and optical, proximity, ambient light, and relative humidity/temperature sensors.
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