On Monday, Shares of J C Penney Company Inc (NYSE:JCP), lost -1.31% to $9.79.
J C Penney Company, declared actions that will significantly reduce the benefit obligation of its qualified pension plan (“the Plan”) without requiring any cash contribution from the Company. JCPenney recently accomplished a lump-sum offer for select participants in the Plan, and it has also reached a contract with The Prudential Insurance Company of America (“Prudential”) to purchase a group annuity contract that will settle a substantial portion of JCPenney`s remaining retiree pension benefit obligations. After the closing of these transactions, which is anticipated later this year, the Plan is predictable to remain over-funded on both accounting and ERISA bases, and the Company anticipates that it will not be required to make cash contributions to the Plan for the foreseeable future.
About 12,000 retirees and surviving beneficiaries elected to receive voluntary lump-sum payments to settle the Plan`s pension obligation to them. In addition, about 1,900 former employees of JCPenney who have deferred vested benefits elected to receive voluntary lump-sums. The response deadline for the lump-sum offer was September 18, 2015, and the Plan anticipates to make the lump-sum payments in November once the final settlement amount is determined.
J C. Penney Company, Inc. (JCPenney) is a holding company. The Company’s operating partner is J. C. Penney Corporation, Inc. (JCP). The Company’s business comprises of selling merchandise and services to consumers through its department stores and Website at jcpenney.com, which utilizes applications for desktop, mobile and tablet devices.
Shares of Cypress Semiconductor Corporation (NASDAQ:CY), inclined 0.92% to $8.78, during its last trading session.
Cypress Semiconductor Corporation, introduced a Single-Level Cell (SLC) NAND Flash family for high-security applications. Designers of high-security applications have been using a NOR Flash memory with block protection for boot code storage and a commodity SLC NAND Flash memory for system firmware and application storage. The new Cypress SecureNAND™ family of devices reduces system costs and improves system security by providing a single nonvolatile memory with integrated block protection features for set-top boxes, point-of-sale systems, wearables and other high-security applications.
The Cypress SecureNAND family comprises 1Gb, 2Gb and 4Gb devices, all of which offer the ability to configure the entire device with nonvolatile block protection to store protected boot code, system firmware and applications. These products provide 100,000 program/erase cycles to ensure more than five years of system life. The devices have an operating voltage range of 2.7 V to 3.6 V and support the industrial temperature range of -40°C to +85°C.
Cypress Semiconductor Corporation is a provider of mixed-signal programmable solutions. The Company’s offerings comprise PSoC 1, PSoC 3, PSoC 4 and PSoC 5LP programmable system-on-chip families. It caters to markets, counting industrial, mobile handsets, consumer, computation, data communications, automotive and military.
Shares of LinkedIn Corp (NYSE:LNKD), inclined 2.88% to $194.65, during its last trading session.
LinkedIn Corp, declared that it will host a conference call to discuss its third quarter 2015 business results and outlook on Thursday, October 29th, 2015, at 2:00 p.m. Pacific Time, following the release of the Company’s business results. Jeff Weiner, CEO, and Steve Sordello, CFO, will host the call.
LinkedIn Corporation (LinkedIn) is a professional network on the Internet. The Company’s three product lines comprise Talent Solutions, Marketing Solutions and Premium Subscriptions. All three product lines are sold through two channels, an offline field sales organization, which engages with both large and small enterprise customers, in addition to an online, self-serve channel, which comprises enterprise customers and individual members purchasing subscriptions.
Finally, Kosmos Energy Ltd (NYSE:KOS), ended its last trade with 3.35% gain, and closed at $6.17.
Kosmos Energy, declared recently the following plan for its third quarter 2015 results:
- Earnings Release: Monday, November 2, 2015, pre-market via Business Wire and the Company’s website at www.kosmosenergy.com.
- Conference Call: Monday, November 2, 2015, at 11:00 a.m. EST. The call will be accessible via telephone and webcast.
Kosmos Energy Ltd. (Kosmos) is a holding, independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margin. The Company’s operations are conducted through its wholly owned partner, Kosmos Energy, LLC.
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