SAN FRANCISCO, Sept 7 (Reuters) – Intel Corp cut
its third-quarter revenue estimate more than expected on Friday
due to a decline in demand for its chips as customers reduce
inventories and businesses buy fewer personal computers.
Intel also said it was scaling back capital spending as a
result of the business slowdown. Intel’s stock fell 3.6 percent,
and shares of ASML and other companies that
make chip-manufacturing equipment also lost ground.
(Reuters) – Symantec Corp (SYMC.O: Quote, Profile, Research) unexpectedly fired Chief Executive Enrique Salem and replaced him with Chairman Steve Bennett, who launched a strategic review in a bid to turn around a company whose stock has languished for years.
Shares of the software maker surged 13 percent on the news as some investors speculated that Bennett might consider divesting assets or splitting up Symantec, which also reported quarterly results on Wednesday.
(Reuters) – Symantec Corp (SYMC.O: Quote, Profile, Research, Stock Buzz) unexpectedly fired CEO Enrique Salem and replaced him with its chairman Steve Bennett, who launched a strategic review in a bid to turn around the company, which has disappointed investors with lackluster growth in recent years.
Shares of the software maker soared 16 percent on the news as some investors speculated that Bennett might consider divesting assets or splitting up Symantec, which also reported quarterly results on Wednesday.
July 25 (Reuters) – Symantec Corp unexpectedly
replaced its chief executive, naming current Chairman and former
Intuit Corp CEO Steve Bennett to run the world’s
biggest maker of security software.
The company said Enrique Salem had stepped down on Tuesday,
ending a three-year term during which he and the company had
been criticized by investors for a string of financial
By Nicola Leske
(Reuters) – Data storage equipment maker EMC Corp (EMC.N: Quote, Profile, Research, Stock Buzz) said it was bracing for weaker tech spending and continued economic weakness in Europe but stood by its full-year profit target after reporting solid second-quarter earnings.
The company said it had lowered its expectations for growth in global spending on information technology to around 3 percent or a bit less as customers delay purchases.
July 23 (Reuters) – Software maker VMware Inc said
it will acquire privately held Nicira Inc for $1.05 billion in
cash to expand its portfolio and establish a leading position in
The deal, which is VMware’s biggest acquisition to date,
includes $210 million of assumed unvested equity awards and is
expected to close in the second half of 2012.
By Nicola Leske
(Reuters) – Xerox Corp (XRX.N: Quote, Profile, Research, Stock Buzz), best known for its office copiers and printers, cut its full-year profit target on Friday after reporting lower second-quarter results, bracing for continued tough economic conditions in Europe.
The company said it expects revenue to remain weak in its technology business, which includes document systems, supplies, technical services and financing of products. The company is transforming itself into a business services provider.
NEW YORK/BOSTON (Reuters) – IBM (IBM.N: Quote, Profile, Research, Stock Buzz) raised its full-year earnings target, even as it posted a quarterly revenue shortfall, reflecting its ability to manage costs as global technology spending sputters.
International Business Machines Corp, a bellwether for the global IT industry because of its global span and breadth of businesses, now expects full-year earnings per share – excluding items – of at least $15.10, versus at least $15.00 previously.
July 18 (Reuters) – IBM raised its full-year earnings target
despite a shortfall in revenue after a currency hit of $1
billion, easing concerns that the company would echo industry
warnings on softer tech spending.
International Business Machines Corp, which has been
shifting its focus from hardware to higher-margin services and
software over the past decade, said on Wednesday it now expects
full-year earnings per share – excluding items – of at least
$15.10 versus at least $15.00 previously.
NEW YORK (Reuters) – When Cisco Systems Inc decided years ago to drop a network-security project known internally as “Apollo,” little did it know it had paved the way for a startup to blossom into a formidable competitor.
That company, Palo Alto Networks, is one of the leaders today in the multibillion-dollar market for corporate Internet firewalls. Founded in 2005, Palo Alto Networks debuts next week in an initial public offering that could value the firm at more than $2 billion.