On Friday, Motorola Solutions Inc (NYSE:MSI)’s shares inclined 1.84% to $66.34.
Motorola Solutions (MSI) declared that it has commenced a modified “Dutch Auction” tender offer to repurchase shares of its common stock for an aggregate purchase price of up to $2 billion (subject to a customary enhance if the tender offer is oversubscribed).
Motorola Solutions stockholders may tender all or a portion of their shares (1) at a price specified by the tendering stockholder of not less than $61.00 per share and not more than $66.50 per share or (2) without specifying a purchase price, in which case their shares will be purchased at the purchase price determined in accordance with the tender offer. When the tender offer expires, Motorola Solutions will determine the lowest price within the range of prices specified above that allows it to purchase up to an aggregate of $2 billion of its common stock.
Motorola Solutions, Inc. provides mission-critical communication infrastructure, devices, software, and services in North America, Latin America, the Asia Pacific, the Middle East, Europe, and Africa. The company operates in two segments, Products and Services. The Products segment offers a portfolio of network infrastructure, devices, accessories, and software for government, public safety and first-responder agencies, municipalities, and commercial and industrial customers.
Chevron Corporation (NYSE:CVX)’s shares dropped -0.02% to $76.72.
Chevron Corporation (CVX) has reached a settlement agreement with H5, a California-based e-discovery and litigation services firm. In the settlement, H5 has withdrawn its support from the litigation against Chevron in Ecuador and has assigned its 1.25 percent interest in the $9.5 billion Ecuadorian judgment to Chevron. In 2014, Chevron obtained court-ordered discovery from H5 for the company’s role in supporting and advancing the lawsuit led by Steven Donziger, which a federal judge found to be tainted by fraud.
H5 became involved in the case in 2009, supporting a variety of activities. It assisted enlist funding from Burford Capital Limited, a U.K.-based litigation funder, and James Russell DeLeon, a Gibraltar-based businessman. It also played an integral role in bringing the Patton Boggs law firm into the case to provide legal support. Burford, DeLeon and Patton Boggs have all since withdrawn their support from the fraudulent lawsuit and settled with Chevron. H5 also assisted Donziger’s team in responding to Chevron’s discovery related to the Cabrera Report, an Ecuadorian court-ordered damages report that a U.S. federal court later found was secretly authored by Donziger and Stratus Consulting, a Colorado-based environmental consulting firm. Stratus has also subsequently settled with Chevron.
Chevron Corporation, through its auxiliaries, engages in the petroleum, chemicals, and power and energy operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, in addition to holds interest in a gas-to-liquids plant.
At the end of Friday’s trade, UTi Worldwide Inc. (NASDAQ:UTIW)‘s shares dipped -10.41% to $5.85.
UTi Worldwide Inc. (UTIW) stated financial results for its fiscal 2016 first quarter ended April 30, 2015.
Fiscal First Quarter 2016 vs. Fiscal First Quarter 2015 Results
- Revenues reduced 6.8% to $973.3 million from $1,043.9 million
- Net revenues (revenues minus purchased transportation costs) reduced 10.8% to $329.5 million from $369.4 million
- On a constant currency basis, revenues raised 0.7% and net revenues reduced 3.1%, respectively
- Net loss attributable to UTi Worldwide Inc. reduced to $33.3 million from $43.7 million
- Diluted loss per share reduced to $0.35 from $0.44 per diluted common share
- Earnings before interest, taxes, depreciation and amortization, not taking into account severance and other items set out in the reconciliation comprised of with this press release (Adjusted EBITDA), reduced to $8.0 million from $18.2 million
Fiscal First Quarter 2016 vs. Fiscal Fourth Quarter 2015 Results
- Revenues raised 0.9% to $973.3 million from $964.6 million
- Net revenues raised 5.5% to $329.5 million from $312.2 million
- On a constant currency basis, revenues and net revenues raised 4.1% and 9.1%, respectively
UTi Worldwide Inc. operates as a non-asset-based supply chain services and solutions company. It operates through two segments, Freight Forwarding, and Contract Logistics and Distribution.
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