NEW YORK (Reuters) – International Business Machines Corp (IBM.N: Quote, Profile, Research, Stock Buzz) said Chief Financial Officer Mark Loughridge and senior executives Michael Daniels, Steven Mills and Virginia Rometty would be given broader responsibilities at the company, according to an internal memo obtained by Reuters.
Loughridge, 56, will hold on to his role as CFO, but will be given a broader role as senior vice president of “Finance and Enterprise Transformation,” the memo said.
NEW YORK, July 19 (Reuters) – IBM (IBM.N: Quote, Profile, Research, Stock Buzz) disappointed
investors by reporting a decline in new technology services
contracts in the second quarter, while a weaker euro hit
revenue more than expected, sending its shares down more than 4
While firm growth in the company’s higher-margin software
unit and sales in emerging markets bolstered profit, Monday’s
results were not as good as investors had wanted to see from
the world’s biggest technology services company.
NEW YORK (Reuters) – IBM (IBM.N: Quote, Profile, Research, Stock Buzz) is in danger of missing average Wall Street estimates for its second-quarter revenue as the weaker euro dents sales in Europe, which counts for about 30 percent of its revenue.
While strong growth in software and services may bolster International Business Machines Corp’s second-quarter profit, the results on Monday are unlikely to trigger a share rally as investors hunt for higher-growth stocks such as Apple Inc (AAPL.O: Quote, Profile, Research, Stock Buzz) and VMware Inc (VMW.N: Quote, Profile, Research, Stock Buzz), analysts said.
NEW YORK (Reuters) – Cisco Systems Inc (CSCO.O: Quote, Profile, Research, Stock Buzz) and Juniper Networks Inc (JNPR.N: Quote, Profile, Research, Stock Buzz) are set to report solid quarterly sales, but an aggressive battle to win contracts may be jeopardizing margins for the network equipment makers.
Analysts say Cisco is lowering prices on routers and other equipment that helps phone carriers and others handle Internet traffic. The rising popularity of overseas rivals like France’s Alcatel-Lucent (ALUA.PA: Quote, Profile, Research, Stock Buzz) and China’s Huawei Technologies HWT.UL is seen adding to the pressure.
NEW YORK (Reuters) – Tyco Electronics Ltd (TEL.N: Quote, Profile, Research), has agreed to buy broadband equipment maker ADC Telecommunications Inc (ADCT.O: Quote, Profile, Research) for $1.25 billion in cash, betting on future demand for fiber optics and diversifying away from its historical automotive connector business.
Tyco Electronics said it would pay $12.75 cash per share, a 44 percent premium to ADC’s closing price on Monday.
NEW YORK (Reuters) – Technology outsourcing and consulting firm Accenture Plc reported higher-than-expected quarterly results on Thursday as a recovering economy encouraged companies to invest again.
Accenture’s revenue for the fiscal third quarter ended May 31 rose to $5.57 billion from $5.15 billion a year earlier. That was above analysts’ average forecast of $5.46 billion, according to Thomson Reuters I/B/E/S.
AUSTIN, Texas/NEW YORK (Reuters) – Dell Inc (DELL.O: Quote, Profile, Research) forecast a 14 to 19 percent jump in fiscal 2011 revenue as consumer and corporate spending returns, matching Wall Street’s expectations, but investors are focusing on whether the world’s No. 3 PC maker can sustain margins.
Investors are likely to quiz executives at Dell’s annual financial analysts’ conference on Thursday about whether it can shore up profitability after gross margins fell short of expectations in its fiscal first quarter, reflecting a reliance on sales of hardware to U.S. businesses.
NEW YORK (Reuters) – Cisco Systems Inc Chief Executive John Chambers, one of Silicon Valley’s longest-serving executives, said he recently committed to another three to five years in his role.
Chambers, who took the CEO role in 1995 and is 60 years old, said the company held a board of directors’ meeting a couple of days ago where he was asked to renew his commitment.
NEW YORK (Reuters) – Hewlett-Packard Co said it aims to boost margins by cutting jobs and reallocating spending to more profitable technology services, shrinking its workforce by a net 3,000 jobs, or 1 percent, over three years.
The move, which will result in a $1 billion charge, comes as rivals like IBM and Cisco Systems Inc vie for supremacy in the lucrative business of fitting out and helping run corporate data centres that handle communications and store huge amounts of information.
NEW YORK (Reuters) – Hedge funds have piled out of Brocade Communications Systems Inc <BRCD.O> this year on weak sales and fading hopes for a buyout, making the stock look like a bargain.
But analysts caution against expecting too much of a rebound until the company shows stronger business results.