On Friday, BB&T Corporation (NYSE:BBT)’s shares declined -2.38% to $35.30.
BBT announced the closure of a loan processing unit in Hagerstown, MD as part of its efforts to integrate the recently acquired Susquehanna Bancshares, Inc. with its operations. This has resulted in another round of job cuts at Susquehanna offices, according to the Zacks.
The Winston-Salem based bank is set to lay off 140 employees, mostly working in administrative and support capacity of the unit. This news follows BB&T’s last-week announcement of slashing 89 jobs or 18% of the employee base at Susquehanna headquarters in Lititz, PA.
According to Zacks, BB&T is predictable to eliminate a total of nearly 1,000 positions at Susquehanna. However, the company is likely targeting Susquehanna’s back-office staff, since all of its “high-performing, direct client-facing associates and revenue producers” are predictable to be retained.
Further, the company intends to offer severance packages in addition to outplacement services to those who will work during the 60-day notice period. BB&T also plans to absorb the affected employees into other positions at the company. Moreover, a career center will be opened at the Hagerstown unit on Oct 1, which will train the displaced employees for job search processes.
BB&T Corporation operates as a financial holding company that provides various banking and trust services for retail and commercial clients. It operates in six segments: Community Banking, Residential Mortgage Banking, Dealer Financial Services, Specialized Lending, Insurance Services, and Financial Services.
Cypress Semiconductor Corporation (NASDAQ:CY)’s shares dropped -3.91% to $9.34.
Cypress Semiconductor Corp. (CY) introduced a new automotive capacitive touchscreen controller family that enables screen sizes up to 15-inches with industry-leading performance in harsh automotive environments. The new Automotive TrueTouch® CYAT8168X controller uses Cypress’s proprietary AutoArmor™ technology for robust immunity to the strong electromagnetic interference (EMI) emissions found in cars, buses and trucks. The controller delivers a flawless user experience even with water droplets, condensation or sweat on the touchscreen. Additionally, the controllers provide industry-leading tracking of fingers in gloves, allowing drivers to operate the touchscreen without having to take off their gloves.
Cypress AutoArmor meets car manufacturers’ most challenging electromagnetic compatibility (EMC) requirements for chip-level emissions (IEC 61967), conducted (IEC 62132) and radiated (ISO 11452) immunity, in addition to for system-level (CISPR 25) specifications. AutoArmor uses automatic frequency hopping to prevent false touches caused by EMI from other electronic systems, and it uses TX frequency spreading to reduce electromagnetic emissions by up to 30%. In addition to AutoArmor, the Automotive TrueTouch CYAT8168X controller comprises up to 88 I/Os with a host processor interface through I2C or SPI, which assist improve touchscreen responsiveness.
Cypress Semiconductor Corporation provides mixed-signal programmable solutions, semiconductor memories, and integrated semiconductor solutions worldwide. The company’s Memory Products division designs and manufactures static random access memory (SRAM) products and nonvolatile RAMs used to store and retrieve data in networking, wireless infrastructure and handsets, computation, consumer, automotive, industrial, and other electronic systems; and general-purpose programmable clocks.
At the end of Friday’s trade, Yingli Green Energy Holding Co Ltd (ADR) (NYSE:YGE)‘s shares dipped -25.46% to $0.430.
Yingli Green Energy Holding Company Limited (YGE), one of the world’s leading solar panel manufacturers, declared that its holding partner, Yingli Energy Company Limited has reached a contract with CFC Group Construction Limited (“CFC Construction”) to supply 170 megawatts (MW) of solar panels for utility-scale power plants in China’s Hebei province. It is Yingli’s largest solar panel supply agreement to date in China.
According to the agreement, Yingli will deliver over 650,000 multicrystalline YGE Series solar panels to CFC Construction during the third quarter and fourth quarter of 2015. The panels will be installed in power plants located in the city of Zhangjiakou, one of Hebei province’s largest municipalities. Once operational, the panels are predictable to generate more than 200,000 megawatt-hours of clean energy, offsetting about 120,000 tons of carbon emissions.
Zhangjiakou is an ideal location for the development of solar power plants due to its abundant solar resources, large industrial base, and high demand for electricity, so it was selected by China’s State Council to be the site of the country’s first renewable energy pilot zone. Zhangjiakou also recently won the rights to host the 2022 Winter Olympic Games together with Beijing, and these new solar power plants will assist provide clean solar power for a green, low-carbon Olympics.
Yingli Green Energy Holding Company Limited, together with its subsidiaries, designs, develops, markets, manufactures, sells, and installs photovoltaic (PV) products in the People’s Republic of China and internationally.
Darden Restaurants, Inc. (NYSE:DRI), ended its Friday’s trading session with -1.15% loss, and closed at $69.47.
The Board of Directors of Darden Restaurants, Inc., (DRI) declared a regular quarterly cash dividend of $0.55 per share on the Company’s outstanding common stock. The dividend is payable on November 2, 2015 to shareholders of record at the close of business on October 9, 2015.
Darden Restaurants, Inc., through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of July 8, 2015, it owned and operated approximately 1,500 restaurants under the Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V’s, and Yard House brand names.
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