On Tuesday, Shares of Micron Technology, Inc. (NASDAQ:MU), lost -2.82% to $25.19, hitting its lowest level, after the company’s stock was downgraded to “sell” from “hold” by analysts at Drexel Hamilton.
The firm also set a $20 price target on the company’s shares, a potential 26.15% decline from the stock’s current price.
The firm expect the DRAM price cuts to get worse and Micron’s plans to enhance DRAM output to enhance market share will only serve to hurt its margins.
Micron Technology, Inc., together with its auxiliaries, provides semiconductor solutions worldwide. The company manufactures and markets dynamic random access memory (DRAM), NAND flash, and NOR flash memory products; and packaging solutions and semiconductor systems.
Shares of J. C. Penney Company, Inc. (NYSE:JCP), declined -1.28% to $8.46, during its last trading session.
J.C. Penney Company, declared that Myron E. (Mike) Ullman III, Chief Executive Officer, and Marvin Ellison, President and CEO-Designee, will present at the Piper Jaffray Consumer Conference in New York, New York on June 10, 2015. The presentation, which will be accessible via webcast, is planned for about 30 minutes starting at 12:15 pm ET.
J.C. Penney Company, Inc., through its partner, J. C. Penney Corporation, Inc., sells merchandise through department stores in the United States. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings, in addition to provides various services, counting styling salon, optical, portrait photography, and custom decorating.
Finally, Hertz Global Holdings, Inc. (NYSE:HTZ), ended its last trade with 0.64% gain, and closed at $20.34.
Hertz Global Holdings, declared that it has successfully solicited consents from holders of its and its wholly-owned partner, Hertz Holdings Netherlands B.V.’s, outstanding unsecured senior notes to amend and waive certain provisions of the indentures following which such senior notes were issued. Hertz also declared recently that it has successfully solicited consents from holders of its wholly-owned partner, Hertz Vehicle Financing LLC’s, outstanding notes (the “ABS Notes”) to amend and waive certain provisions of its operating lease (“Lease”) with Hertz that secures such ABS Notes.
The consent solicitations were made solely upon the terms and subject to the conditions set forth in the Consent Solicitation Statement and Notice of Consent Solicitation, each dated May 18, 2015, as applicable. Holders of notes who validly delivered and did not revoke consents at or preceding to the applicable expiration time will receive the applicable consent fee.
With respect to the senior notes, on May 28, 2015, the Company (and, on June 4, 2015, HHN BV, as applicable) reached supplemental indentures to the relevant Indentures to amend, effective as of March 30, 2014, the reporting covenant in each of the Indentures to eliminate any obligation for the Company (or HHN BV, as applicable) to deliver to the trustee or the noteholders or file with the SEC (i) its annual report on Form 10-K for the period ended December 31, 2014 and its quarterly reports on Form 10-Q for the periods ended March 31, 2015 and June 30, 2015, in each case preceding to September 30, 2015, and (ii) its quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014. In connection with the foregoing, the noteholders also waived any default or event of default under the relevant Indentures that may occur or exist as a result of or in connection with the Company not filing any amendments to formerly filed SEC reports or the failure to timely deliver to the trustee or the noteholders, or file with the SEC, the delayed SEC reports.
With respect to the ABS Notes, on May 28, 2015, HVF reached an amendment and waiver to the Lease, effective as of March 30, 2014, to eliminate the requirement to furnish (or cause to be furnished) the quarterly reports on Form 10-Q for the periods ended March 31, 2014, June 30, 2014 and September 30, 2014 under the Lease. In connection with the foregoing, the noteholders also waived any potential event of default or event of default under the Lease that may occur or exist as a result, directly or indirectly arising out of or in connection with the failure to furnish (or cause to be furnished) such quarterly reports.
Barclays Capital Inc. acted as the Solicitation Agent in connection with the consent solicitations, and D.F. King & Co., Inc. served as Information and Tabulation Agent.
Hertz Global Holdings, Inc., through its auxiliaries, is engaged in the car and equipment rental businesses worldwide. It operates through four segments: U.S. Car Rental, International Car Rental, Worldwide Equipment Rental, and All Other Operations.
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