On Friday, Shares of Frontier Communications Corporation (NASDAQ:FTR), lost -2.36% to $5.39.
Frontier Communications Corporation applauded today’s decision by the Federal Communications Commission (FCC) approving its projected acquisition of Verizon’s wireline, broadband and video operations, counting the FiOS® network, in California, Florida and Texas. The company is presently also seeking approval from the California Public Utilities Commission and the Public Utilities Commission of Texas, and has received Hart-Scott-Rodino federal antitrust clearance. Pending commission approval in Texas and California, the company anticipates to close the transaction at the end of the first quarter of 2016.
Daniel J. McCarthy, Frontier’s President and Chief Executive Officer said, “We are happy the FCC moved swiftly and smartly to approve this acquisition, releasing an Order in advance of the FCC’s internal deadline for review of such transactions. The FCC views this transaction as being in the public interest and benefiting customers in the three attained states. We agree, and believe it will further benefit those across the rest of the Frontier footprint as well. By doubling our size, we will add scale and scope to our operations, strengthen our product and service offerings, and improve the customer experience. We look forward to demonstrating our commitment to broadband investment and deployment in California, Florida and Texas. Soon, consumers and businesses in these states will benefit from our extensive experience, our high-touch local engagement administration model, the focused use of the fiber-rich network, and our active involvement in the communities we serve.” McCarthy added, “Our aim is to deliver the life-changing benefits of broadband to an additional 750,000 households at speeds of 25Mbps/2-3Mbps across the entire Frontier multi-state footprint, counting California, Florida and Texas, by the end of 2020.”
Frontier will offer California, Florida and Texas customers the company’s full portfolio of products and services, counting broadband services, wireline local and long distance phone service, video viewing options, and innovative products and services such as Frontier Secure, an industry-leading digital security offering that provides customers with top-rated online computer and personal identification protection and 24/7 premium technical support in addition to hard drive backup. FiOS customers in these markets will continue to receive the same products and services they have come to enjoy under the FiOS brand name.
Frontier Communications Corporation, a communications company, provides regulated and unregulated voice, data, and video services to residential, business, and wholesale customers in the United States.
Shares of Transocean Ltd. (NYSE:RIG), inclined 0.52% to $13.45, during its last trading session.
Transocean declared that Lars Sjöbring, Senior Vice President and General Counsel, has informed Transocean that he will be leaving the company. Mr. Sjöbring has agreed to aid in the search for a replacement, but will resign no later than December 31, 2015.
“Lars has done an outstanding job guiding Transocean through the extensive litigation following the Macondo Well incident, and was instrumental in securing the related settlements with BP and the Plaintiff`s Steering Committee declared earlier this year,” said Jeremy Thigpen, Transocean`s President and Chief Executive Officer. “On behalf of Transocean, I thank Lars for his service, and wish him great success in his future endeavors.”
Transocean Ltd., together with its auxiliaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services.
Finally, The Gap, Inc. (NYSE:GPS), ended its last trade with -1.82% loss, and closed at $32.41.
The Gap, stated that net sales for the four-week period ended August 29, 2015 reduced 3 percent to $1.20 billion contrast with net sales of $1.23 billion for the four-week period ended August 30, 2014.
On a constant currency basis, August 2015 net sales were flat contrast with last year. In calculating the net sales change on a constant currency basis, current year foreign exchange rates are applied to both current year and preceding year net sales. This is done to enhance the visibility of underlying sales trends, not taking into account the impact of foreign currency exchange rate fluctuations.
“We’re happy that Old Navy delivered another strong month of positive comps driven by a healthy back-to-school business, as we remain focused on improving product performance across our portfolio,” said Sabrina Simmons, chief financial officer, Gap Inc.
The Gap, Inc. operates as an apparel retail company worldwide. It offers apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brand names.
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