Tim Cook, chief executive officer of Apple Inc., speaks at the Apple Worldwide Developers Conference in San Francisco, California, U.S., on Monday, June 11, 2012. Apple Inc. is releasing a fresh lineup of computers and software tools to woo consumers and keep developers making applications amid accelerating rivalry from Google Inc., Microsoft Corp. and, now, Facebook Inc. Photographer: David Paul Morris/Bloomberg *** Local Caption *** Tim Cook (David Paul Morris,)
SAN FRANCISCO?? Apple CEO Tim Cook on Tuesday dismissed complaints from activist shareholder David Einhorn that the company has a "Depression-era" attitude about hoarding cash, called Einhorn's lawsuit challenging a proxy that would limit the ability to create a special class of stock "a silly sideshow" and said his engineers have not lost their innovative edge.
Speaking at a Goldman Sachs technology conference, Cook reiterated Apple's stand that it is seriously looking at whether to return more cash to shareholders as its cash stockpile grew to $137 billion as of the end of the December quarter, roughly two-thirds of which is held overseas.
"Apple doesn't have a Depression-era mentality," he said. "Apple makes bold and ambitious bets on products, and we are conservative financially."
Cook called the lawsuit filed by Einhorn's hedge fund a "misunderstanding" and said if Apple were ever to issue preferred stock ? which Einhorn is calling for ? it would first seek shareholder approval.
?
Corporate earnings
Level 3 Communications
The network-services firm's fourth-quarter loss narrowed as it increased revenue from core network services helped to mitigate the decline from wholesale voice services.
Level 3 has generally seen its revenue improve for over a year, thanks in part to last year's acquisition of fellow long-haul Internet provider Global Crossing. The company has also seen its quarterly losses narrow lately as increased orders for core network services suggest technology spending may be picking up.
Level 3 reported a loss of $56 million, or 26 cents a share, compared with a loss of $166 million, or 76 cents, a year earlier. Excluding items such as the extinguishment of debt and a special gain, the loss was 16 cents a share in the most recent quarter. Revenue increased 2.2 percnet to $1.61 billion.
Analysts polled by Thomson Reuters had most recently forecast a per-share loss of 18 cents.
Clearwire
The wireless broadband provider reported a narrowed fourth-quarter loss and has started work on a major network overhaul, but remained mum on its deal review process.
Majority shareholder Sprint Nextel has agreed to buy the half of Clearwire it doesn't already own in a $2.2 billion deal. Complicating matters, Dish Network has proposed buying Clearwire at a higher price; Clearwire's board has said it will negotiate with both companies but continues to back its deal with Sprint.
For the latest quarter, Clearwire reported a loss of $187.2 million, compared with a year-earlier loss of $236.8 million. On a per-share basis, earnings were down at 29 cents from 81 cents, as the number of shares outstanding jumped sharply.
Revenue fell 14 percent to $311.2 million.
Goodyear
The tire maker easily topped Wall Street expectations for the fourth quarter, but shares slid Tuesday with Europe dragging down the firm's outlook for 2013.
The Akron company cut its full-year outlook for 2013 segment operating income from $1.6 billion to between $1.4 billion and $1.5 billion.
The company broke even for the quarter, compared with net income of $18 million, or 7 cents per share, during the same period last year. Revenue was $5 billion, down from $5.7 billion last year.
Excluding charges, Goodyear earned 39 cents per share.
McGraw-Hill
The financial information provider swung to a loss in the three months ended Dec. 31 as its transition forced it to take a big, one-time charge. Excluding one-time items, the company's net income declined but narrowly beat Wall Street's forecasts.
McGraw-Hill lost $216 million, or 76 cents per share, in the three months ended Dec. 31. That compares with net income of $214 million, or 73 cents per share, a year earlier.
The loss was driven by a $497 million charge McGraw-Hill took on the pending sale of its education division.
Reynolds American
The ?maker of Camel, Pall Mall and Natural American Spirit cigarettes saw its fourth-quarter profit fall 54 percent on pension and trademark-related charges and other costs.
Reynolds American said its net income fell to $139 million, or 25 cents per share, for the period ended Dec. 31, down from $304 million, or 52 cents per share, a year ago.
Adjusted earnings were 76 cents per share, beating Wall Street expectations.
Corporate earnings
human nature arkansas football blackhawks howard johnson levon helm firelight world peace elbow
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন