On Friday, Shares of Cisco Systems, Inc. (NASDAQ:CSCO), gained 1.39% to $28.40.
Cisco Systems, said it would stop selling data-storage hardware, a business that it entered with its $415 million acquisition of Whiptail in 2013.
New Jersey startup Whiptail specialized in equipment that stores data on chips known as flash memory rather than disk drives, a technology that has attracted many large and small competitors. Cisco which had formerly moved beyond networking gear to server systems, had said Whiptail’s technology could assist boost the performance of those systems, according to Market Watch.
But Cisco said Friday it would discontinue the resulting line of products, known as Invicta, as part of recent efforts to narrow its focus on the most promising businesses. A Cisco spokeswoman said some employees would lose their jobs, but she declined to disclose how many people would be affected. Market Watch Reports.
The Invicta products also suffered from technical problems, Mr. Stammers noted. The Cisco spokeswoman said the company recently held shipments for several months while it addressed the issues. Market Watch added.
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP) based networking products and services related to the communications and information technology industry worldwide. It provides switching products, counting fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and NGN routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
Shares of PulteGroup, Inc. (NYSE:PHM), declined -3.42% to $19.49, during its last trading session.
PulteGroup declared financial results for its second quarter ended June 30, 2015. For the quarter, the Company stated net income of $103 million, or $0.28 per share, counting a pretax benefit of $27 million, or $0.05 per share, resulting from a legal settlement in the period. Preceding year net income of $42 million, or $0.11 per share, comprised of pretax charges of $88 million, or $0.14 per share, for insurance reserves and office relocation costs.
“We are very happy with market conditions as solid buyer demand assisted to drive an 11% enhance in the value of new orders to $1.8 billion, our highest quarterly order value since 2007,” said Richard J. Dugas, Jr., Chairman, President and Chief Executive Officer of PulteGroup. “Within this positive demand environment, we continue to demonstrate disciplined capital allocation compriseent with our Value Creation strategy by growing our land and community pipeline, while simultaneously paying down $238 million of debt and returning $243 million to shareholders through share repurchases and dividends.
“Demand trends practiced throughout the first half of 2015 demonstrate that the recovery in U.S. housing remains on track and continues to be supported by an improving economy, better employment, rising consumer confidence and a low interest rate environment. With our strong margins and a backlog of almost 9,000 sold homes to be built, PulteGroup is extremely well positioned to capitalize on these favorable conditions and continue delivering outstanding financial results in the coming quarters.”
PulteGroup, Inc., through its auxiliaries, engages in the homebuilding business; mortgage banking operations; and title operations in the United States. The company is involved in the acquisition and development of land primarily for residential purposes; and the construction of housing on land. It offers various home designs, counting single-family detached, townhouses, condominiums, and duplexes under the Pulte Homes, Del Webb, and Centex brand names.
Finally, Microsemi Corporation (NASDAQ:MSCC), ended its last trade with 0.03% gain, and closed at $32.73.
Microsemi Corporation stated unaudited results for its third quarter of fiscal year 2015 ended June 28, 2015.
Net sales for Microsemi’s third quarter of fiscal year 2015 were $317.1 million, up 8.5 percent from the third quarter of 2014. GAAP gross margin for the third quarter of 2015 was 54.3 percent, inclusive of the effect of non-cash purchase accounting charges of $8.6 million, and improved 180 basis points from 52.5 percent stated in the third quarter of 2014. GAAP operating income for the third quarter of 2015 was $25.2 million, up $18.9 million over the third quarter of 2014. GAAP operating margin was 7.9 percent for the third quarter of 2015 and improved 570 basis points from 2.2 percent stated in the third quarter of 2014. GAAP net income for the third quarter of 2015 was $14.7 million or $0.15 per diluted share contrast to a loss of $4.3 million or $0.05 per diluted share for the third quarter of 2014. Operating and free cash flow for the third quarter of 2015, which comprised of payments for restructuring and transaction costs of $20.1 million, were $55.1 million and $44.6 million, respectively.
Non-GAAP gross margin was 57.0 percent for the third quarter of 2015 and improved 100 basis points from 56.0 percent stated in the third quarter of 2014. Non-GAAP operating income for the third quarter of 2015 was a record $78.8 million, up $12.6 million over the third quarter of 2014. Non-GAAP operating margin was 24.9 percent for the third quarter of 2015 and improved 230 basis points from 22.6 percent stated the third quarter of 2014. Non-GAAP net income for the third quarter of 2015 was a record $65.3 million contrast to $54.8 million for the third quarter of 2014. Non-GAAP diluted earnings per share for the third quarter of 2015 were $0.68.
Microsemi Corporation designs, manufactures, and markets analog and mixed-signal semiconductor solutions in the United States, Europe, and Asia. The company offers radio frequency (RF) and power components, analog and RF integrated circuits, system-on-chip solutions, field programmable gate arrays, application-specific integrated circuits, power administration products, timing and synchronization devices and precise time solutions, chip scale atomic clocks, voice processing devices, discrete components, security technologies, and scalable anti-tamper products.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified with such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
