During Friday’s Morning trade, Shares of Cree, Inc. (NASDAQ:CREE), lost -1.27% to $27.16.
Cree, Inc. declared that the board of directors has approved the following:
- A restructuring of the LED Products business
- A $500 million stock buyback authorization for fiscal year 2016
- The fiscal year 2016 annual operating plan that targets:
- Revenue to enhance to $1.8 billion +/-
- Non-GAAP operating margin increasing to about 8%
- Free cash flow of about $75 million
Due to recent LED market trends that have resulted in higher LED average selling price erosion than formerly forecast and the continued under-utilization of Cree’s LED factory, the company has decided to restructure the LED Products business to reduce excess capacity and overhead to improve the cost structure moving forward. Additionally, the company is increasing LED reserves to reflect the more aggressive pricing environment practiced in the current quarter, and to factor in a more conservative pricing outlook for fiscal year 2016.
Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally.
Shares of Walter Energy, Inc. (NYSE:WLT), inclined 0.30% to $0.30, during its current trading session.
On June 11, Walter Energy, declared that it will exercise the 30-day grace period under its indenture agreement with holders of its 9.875% Senior Notes due in 2020, extending the timeframe for making the cash interest payment due June 15, 2015. Walter Energy will continue to deliver high quality met coal to customers and meet its other obligations as it works with its debtholders to establish a capital structure that will position the Company to weather a highly competitive and challenging market.
Walter Energy, Inc. produces and exports metallurgical coal for the steel industry. It operates through two segments, U.S. Operations, and Canadian and U.K. Operations. The company also extracts, processes, markets, and/or possesses mineral reserves of thermal coal and anthracite coal, in addition to produces metallurgical coke and coal bed methane gas.
Finally, The Interpublic Group of Companies, Inc. (NYSE:IPG), gained 0.05%, and is now trading at $19.80.
Weber Shandwick, a part of The Interpublic Group of Companies, declared the appointment of Chris Perry as chief digital officer to expand digital strategy, content production and media innovation capabilities globally.
Additionally, the company made some more changes in leadership roles, which comprise the appointment of Ian Cohen to global executive producer and president, Content Creation and Innovation; Adam Wall to executive vice president, Digital Operations and Client Services, North America; and Cheryl Cook to senior channel strategist, North America. Under the leadership of these practiced people, the company aims to expand its capabilities across the entire global network, deliver creative content solutions, accelerate digital business change across the organization, drive its clients’ businesses and augment revenues.
The Interpublic Group of Companies, Inc. provides advertising and marketing services. The company operates in two segments, Integrated Agency Networks and Constituency Administration Group. It offers consumer advertising, digital marketing, communications planning and media buying, public relations, and specialized communications disciplines.
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