On Friday, Shares of Corning Inc. (NYSE:GLW), lost -1.32% to $20.94.
The optical components maker was upgraded at RBC Capital, which cited the coming TV upgrade cycle, accelerating growth in its optical business, and improving earnings outlook and strong cash flow generation. Analyst Mark Sue raised his rating to outperform, after being at sector perform for the last 2 1/2 years. He said attractive pricing for 4K resolution TVs may spur upgrades, benefitting Corning’s display business, while a surge in spending by datacenters is boosting the company’s optical business. Sue said strength in Corning’s thin glass business, which have higher margins than its competitors, should benefit earnings growth.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials worldwide. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
Shares of Radian Group Inc. (NYSE:RDN), declined -0.86% to $18.50, during its last trading session.
Radian Group, declared that, following the pricing of its 5.250% Senior Notes due 2020 (the 2020 Senior Notes), it has entered into privately negotiated agreements with certain of the holders (Sellers) of its 3.000% Convertible Senior Notes due 2017 (the 2017 Convertible Notes) to purchase an aggregate of $389 million principal amount of 2017 Convertible Notes for a combination of cash and shares of Radian common stock (the Convertible Purchase). Radian plans to fund the Convertible Purchase with $127 million in cash (plus accrued and unpaid interest) and by issuing to the Sellers about 28.4 million shares of common stock. Following the Convertible Purchase, which is predictable to close by June 23, 2015, subject to the satisfaction of customary closing conditions, $61 million principal amount of the 2017 Convertible Notes will remain outstanding.
In order to reduce the dilutive impact of the Convertible Purchase, Radian also intends to enter into an accelerated share repurchase program (ASR) to repurchase an aggregate of about $202 million of Radian’s common stock. Under the ASR, Radian anticipates to receive an upfront delivery of about 9.2 million shares with the total number of shares ultimately delivered to Radian to be based on the volume-weighted average price of Radian’s common stock during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the program. Radian anticipates to fund the ASR with a portion of the net proceeds from the 2020 Senior Notes.
In connection with the purchase of the 2017 Convertible Notes, Radian is terminating a corresponding portion of the Capped Call it had entered into in 2010 in connection with the initial issuance of the 2017 Convertible Notes, for predictable proceeds of about $12 million in cash and 2.3 million in shares of Radian common stock.
Radian Group Inc., through its auxiliaries, provides mortgage and real estate products and services in the United States. It operates through two segments, Mortgage Insurance, and Mortgage and Real Estate Services (MRES).
Finally, Koninklijke Philips N.V (NYSE:PHG), ended its last trade with -1.05% loss, and closed at $26.37.
Royal Philips declared the introduction of HeartModelA.I., a new Anatomically Intelligent Ultrasound (AIUS) tool that brings advanced quantification, automated 3D views and robust reproducibility to cardiac ultrasound imaging. Philips’ fastest 3D AIUS ultrasound measurement method was unveiled recently on its EPIQ 7 ultrasound system, Philips’ first ultrasound with Anatomic Intelligence capabilities, during the American Society of Echocardiography (ASE) annual meeting in Boston, Mass.
Using HeartModelA.I., clinicians can quickly, easily and confidently assess disease states, determine treatment, and guide related therapies. In a recent comparison, exams with HeartModelA.I. were shown to be three to six times faster than conventional 2D exams in gathering left ventricular and atrial dimensions and volumes (LV and LA), while offering the many benefits of 3D imaging.1 With a rich digital database of anatomical structural models and adaptive system technology, HeartModelA.I. has access to advanced clinical information that automatically adapts to variability in patient anatomy. This knowledge-base identification and patient-specific adaptation provides proven quantification of the left ventricle and atrium, and display of routine apical views.
HeartModelA.I. is part of a suite of new tools and technologies accessible on Philips’ EPIQ 7 ultrasound system. The EPIQ 7 system is designed to enhance automation and reproducibility to assist address some of the most critical strains on overburdened hospitals and healthcare systems challenged to provide higher quality care at a lower cost. EPIQ 7 is known for its high-image quality, advanced automation and reproducibility and best-in-class ergonomic design.
Koninklijke Philips N.V. engages in healthcare, consumer lifestyle, and lighting businesses worldwide. It provides various integrated clinical solutions, counting radiation oncology and portfolio administration; computed tomography, magnetic resonance imaging, and molecular imaging products; digital X-ray and mammography products; interventional X-ray products in cardiology, radiology, surgery, and other areas; and ultrasound products.
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