On Friday, Shares of Comerica Incorporated (NYSE:CMA), gained 0.25% to $43.97.
Comerica Bank’s Texas Economic Activity Index eased in June, decreasing 0.6 percentage points to a level of 96.0. June’s reading is 23 points, or 32 percent, above the index cyclical low of 72.9. The index averaged 105.1 points for all of 2014, four and four-fifths points above the average for full-year 2013. May’s index reading was 96.6.
“Our Texas Economic Activity Index declined moderately in June, marking the eighth straight monthly drop. While it is obvious that low oil prices are having an impact on the Texas economy, it is also noteworthy that recent labor data shows that total payroll employment in the state has so far declined in only one month this year, March. In April, May, June and July, Texas saw net job gains. Other components of our index are showing consistent losses, counting unemployment insurance claims (inverted), rig count, sales tax and hotel occupancy. The data show the nuances in Texas. The energy sector is a major component of the Texas economy, but oil is not the whole story. The state economy has shown resiliency in the early days of the dramatic collapse of oil prices,” said Robert Dye, Chief Economist at Comerica Bank. “That said, our June index does not comprise the drop in oil prices to below $40 per barrel. This will undoubtedly improvement the stress on the Texas energy sector, and the whole state economy.”
The Texas Economic Activity Index comprises of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, ongoing claims for unemployment insurance, housing starts, sales tax revenues, home prices, and the Baker Hughes rotary rig count. All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management.
Shares of Ericsson (ADR) (NASDAQ:ERIC), inclined 0.51% to $9.95, during its last trading session.
The Ericsson-led IRIS project has produced a silicon photonics switch designed for housing thousands of optical circuits on a single chip.
The first chip is now in the test and characterization phase, and if successful the outcome will be major breakthrough for the industry, paving the way for a new generation of optical systems integrated in a single device.
Silicon photonics uses silicon as a miniaturized optical medium for transmitting and switching data at very high speeds, which reduces power consumption and footprint and improvements capacity, which combined will lead to lower operational costs.
Co-funded by the European Commission as a Specific Target Research Project (STREP) under the Seventh Framework Programme for research and development (FP7), the IRIS project aims to create a high capacity and reconfigurable WDM photonic switch using silicon photonics to monolithically integrate circuits in a single chip.
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, as well as supports operators management of existing networks.
At the end of Friday’s trade, Shares of Discover Financial Services (NYSE:DFS), lost -0.88% to $53.96.
Discover Financial Services has been recognized by IDG’s CIO magazine as a recipient of the 2015 CIO 100. The 28th annual award program honors companies that develop innovative information technology initiatives that drive measurable business results.
Discover, a leader in the direct banking industry, earned a spot on the list by implementing a cutting edge banking platform that allows the company to better meet the needs of its customers while providing the flexibility to quickly introduce new products and services. The new platform provides Discover’s customer service agents with a single cohesive view of the customer relationship and real-time automation resulting in improved service and efficiency. The flexibility of the new platform also provides the ability to quickly innovate and more easily incorporate and adapt to compliance requirements.
Recipients of this year’s CIO 100 Award were selected through a three-step process. First, companies filled out an online application detailing their innovative IT and business initiatives. Next, a team of external judges (many of them former CIOs) reviewed the applications in depth, looking for leading edge IT practices and measurable results. Finally, CIO editors reviewed the judges’ recommendations and selected the final 100.
Discover Financial Services operates as a direct banking and payment services company in the United States. It operates in two segments, Direct Banking and Payment Services. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home loans, home equity loans, prepaid cards, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
Finally, Quantum Corp (NYSE:QTM), ended its last trade with 3.54% gain, and closed at $1.17.
Quantum Corp, declared that CEO Jon Gacek and CFO Linda Breard are planned to take part in the following forthcoming investor conference:
2015 Drexel Hamilton Telecom, Media and Technology Conference
Date: Wednesday, Sept. 9, 2015
Location: The W Hotel, New York, New York
Presentation Time: 9:40 a.m. EDT (6:40 a.m. PDT)
Presenter and Hosting One-on-One Investor Meetings: CEO Jon Gacek
Quantum Corporation provides scale-out storage, archive, and data protection solutions for small businesses to major enterprises in the Americas, Europe, and the Asia Pacific. Its scale-out storage portfolio includes StorNext software, appliances and full systems called StorNext Pro Solutions, as well as Lattus extended online storage and Q-Cloud Archive services.
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