On Tuesday, Ericsson (ADR) (NASDAQ:ERIC)’s shares inclined 1.44% to $11.28.
The global cost and efficiency program, declared at Ericsson`s (ERIC) Capital Markets Day on November 13, 2014, is progressing according to plan. The ambition is to achieve savings of about SEK 9 b., with full effect during 2017.
As part of the global program, on March 11, 2015, Ericsson declared that 2,200 positions in Sweden, mainly in R&D and Supply, were subject to notice. As the next step of this activity, individuals on different locations in Sweden have been given notice during June. In total, there will be a reduction of about 2,100 positions, with some 1,700 employees leaving the company.
For Q2 2015 restructuring costs of about SEK 2.5 b. are predictable. These estimated costs comprise normal ongoing restructuring in addition to charges related to the cost and efficiency program, this quarter primarily driven by changes in Sweden. Savings related to this specific activity will start to impact results towards the end of 2015.
Ericsson provides communications technology and services worldwide. The company’s Networks segment delivers products and solutions for mobile access, Internet protocol (IP) and transmission networks, core networks, and cloud. This segment offers radio access solutions; IP routing and transport solutions; transmission/backhaul solutions comprising microwave and optical transmission solutions for mobile and fixed networks; IP multimedia subsystem solutions; and operations support systems, in addition to supports operators administration of existing networks. Its Global Services segment delivers managed services, such as services for designing, building, operating, and managing networks or solutions; maintenance; network sharing solutions; shared solutions; and managed services of IT environments, in addition to provides broadcast and media services.
GrubHub Inc (NYSE:GRUB)’s shares gained 1.84% to $35.37.
While the Chicago Blackhawks were busy winning the Stanley Cup Monday night and hundreds of thousands of Chicagoans were watching the decisive Game 6 at home on TV, GrubHub, the Chicago-based online food ordering company, was a lot busier than it usually is on a Monday night.
GrubHub ( GRUB) spent the past couple of days crunching its Chicago-area order data from that eventful Monday night, June 15, and contrast it to the order activity in the city on the previous four Mondays, which were not Blackhawks game days in Chicago.
GrubHub Inc., together with its auxiliaries, provides an online and mobile platform for restaurant pick-up and delivery orders in the United States. The company connects about 30,000 local restaurants with diners in about 800 cities. It operates GrubHub and Seamless Websites through grubhub.com and seamless.com.
At the end of Tuesday’s trade, Janus Capital Group Inc (NYSE:JNS)‘s shares dipped -0.39% to $17.79.
Janus Capital Group Inc. (JNS) declared the launch of the Janus Adaptive Global Allocation Fund that aims to provide investors total returns by dynamically allocating assets across a portfolio of global equity and fixed-income investments.
Ashwin Alankar, Global Head of Asset Allocation and Risk Administration, and Enrique Chang, Chief Investment Officer, Equities and Asset Allocation, are the fund’s portfolio managers. Chief Investment Strategist Myron Scholes, Ph.D., co-led the research and development of the fund with Alankar and will contribute to the overall investment strategy.
Janus Capital Group, Inc. is a publicly owned asset administration holding company with about $167.7 billion in assets under administration. It also provides retirement planning, investment planning, tax planning, investment for college, and tax planning services to its clients. The firm primarily provides its services to investment companies, retail investors, institutions, and individuals.
WP Glimcher Inc (NYSE:WPG), ended its Tuesday’s trading session with -2.26% loss, and closed at $13.81.
WP Glimcher Inc (WPG) declared that the Company has entered into a new 5-year, $500 million term loan. The Company used the proceeds to fully repay the remainder of the Company’s outstanding bridge loan that was used to finance the January 2015 acquisition of Glimcher Realty Trust and for other general corporate purposes.
The aggregate principal balance of the term loan will be due upon maturity on March 2, 2020. The loan bears interest at LIBOR plus 1.15% based on the Company’s current debt rating. The Company expects to fix all or a portion of the variable interest rate exposure on the term loan by entering into an interest swap arrangement in the near term.
Washington Prime Group Inc. operates independently of Simon Property Group Inc. as of May 28, 2014.
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