On Wednesday, Shares of QUALCOMM, Inc. (NASDAQ:QCOM), lost -1.46% to $64.19.
Qualcomm Incorporated declared it has initiated a Planned Realignment Plan designed to improve execution, enhance financial performance, and drive profitable growth as the Company works to create sustainable long-term value for stockholders. The Company also declared that it has reached a contract with JANA Partners following which Mark McLaughlin and Tony Vinciquerra have been added to the Board of Directors and a third director to be selected by the Company and consented to by JANA will be added promptly.
The core elements of the new plan comprise:
- Aggressively right-sizing the cost structure by eliminating about $1.4 billion in spending, counting an about $300 million reduction in annual share-based compensation grants; Company anticipates to achieve this run-rate by the end of fiscal year 2016
- Reviewing alternatives to the Company’s corporate and financial structure
- Reaffirming the Company’s plan to return noteworthycapital to stockholders
- Adding new Directors with complementary skills while reducing the average tenure of the Board of Directors
- Further aligning executive compensation with performance, counting returns on investment
- Disciplined investment in areas that further Qualcomm’s leadership positions, build upon the Company’s core technologies and capabilities and offer attractive growth opportunities and returns
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communications products and services in China, South Korea, Taiwan, and the United States.
Shares of Pattern Energy Group Inc (NASDAQ:PEGI), declined -7.93% to $23.70, during its last trading session.
Pattern Energy Group, declared the pricing of $225 million aggregate principal amount of its 4.00% Convertible Senior Notes due 2020 in a private offering that is exempt from the registration requirements of the U.S. Securities Act of 1933, as amended, and the prospectus requirements of applicable Canadian securities laws. The Company has granted the initial purchasers of the Notes Offering a 30-day option to purchase up to an additional $33 .75 million aggregate principal amount of Notes solely to cover over-allotments, if any. The Notes Offering is predictable to close on July 28, 2015, subject to customary closing conditions.
The Company intends to use the net proceeds from the Notes Offering, together with the net proceeds from a concurrent underwritten public offering of about $125 million , or 5,435,000 shares, of its Class A common stock (“Class A Shares”) at a public offering price of $23.00 per share (the “Public Offering Price”), for the repayment of a portion of the outstanding indebtedness incurred in connection with the Company’s purchase of interests in the K2, Lost Creek and Post Rock wind projects, the acquisition of non-controlling interests in the Gulf Wind project, the prepayment of Gulf Wind project level indebtedness and general corporate purposes.
PT Energi Mega Persada Tbk, an independent upstream oil and gas company, engages in the exploration and production of crude oil and natural gas in Indonesia. It has interests in oil and gas properties located in Kangean Island, East Java province, Riau, Jambi, North Sumatra, East Kalimantan, and West Java province.
Finally, Umpqua Holdings Corp (NASDAQ:UMPQ), ended its last trade with 1.19% gain, and closed at $18.72.
Umpqua Holdings Corporation, stated net earnings accessible to common shareholders of $54.7 million for the second quarter of 2015, an enhance contrast to $47.0 million for the first quarter of 2015 and $17.5 million for the second quarter of 2014. Earnings per diluted common share were $0.25 for the second quarter of 2015, as contrast to $0.21 for the first quarter of 2015 and $0.09 for the second quarter of 2014.
Operating earnings, which represent earnings accessible to common shareholders before gains or losses on junior subordinated debentures carried at fair value, net of tax, and merger related expenses, net of tax, were $68.7 million for the second quarter of 2015, an enhance contrast to $56.4 million for the first quarter of 2015 and $54.2 million for the second quarter of 2014. Operating earnings per diluted common share were $0.31 for the second quarter of 2015, as contrast to $0.26 for the first quarter of 2015 and $0.27 for the second quarter of 2014.
Umpqua Holdings Corporation, through its auxiliaries, engages in the commercial and retail banking, and retail brokerage businesses. It operates through two segments, Community Banking and Home Lending.
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