Category
Telecommunications
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Sprint's Stock Drops on Lost Subscribers
From Staff Reports Shares of Sprint Nextel Corp. (S) suffered the worst decline in 25 years after the third-largest mobile phone company issued a report saying it lost 1.2 million subscribers in 2007 and planned to lay off 4,000 workers. Sprint is eliminating almost 20% of its retail locations, as the company is still struggling [...]
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Sprint Nextel Selects Telecom Insider Hesse as New CEO
By Jennifer Yousfi Managing Editor Earlier this week (Tuesday), Sprint Nextel Corp. (S) named Daniel R. Hesse, 54, as president and chief executive officer, effective immediately. Hesse replaces Gary Forsee who resigned in October under growing pressure from the board of directors due to continued loss of subscribers and operational troubles resulting from the Sprint [...]
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Motorola CEO Steps Down Amid Tanking Sales and Profits
By Mike CaggesoAssociate Editor Declines in sales and profit have forced Motorola, Inc. (MOT) Chairman and Chief Executive Officer Ed Zander to announce he is stepping down. President and Chief Operating Officer Greg Brown will be his replacement. Zander will step down as CEO effective Jan. 1 and will remain Chairman until the company's annual [...]
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Canadian Telecom Telus Misses Third-Quarter Estimates, Even With a 28 Percent Gain in Profits
By William Patalon III Managing Editor Telus Corp. (TU), the Number Two telephone company in Canada, on Friday said that its third-quarter profits jumped 28%, thanks to increased customer spending on wireless phone services. But the results still fell short of analyst estimates because the increased wireless revenue couldn’t overcome the increase in lower-priced phone [...]
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Garmin Takes 5% Stake in Tele Atlas, Company it is Pursuing in Hostile Bidding Battle
By William Patalon III Managing Editor Money Morning Garmin Ltd. (GRMN), the navigation device maker that’s locked in a bidding battle for digital mapmaker Tele Atlas NV (TLATF), has taken a 5.02% stake in that Dutch company, according to filings with the Dutch stock markets regulator AFM. AFM is The Netherlands’ version of the U.S. [...]
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Garmin Beats Earnings Estimates, Launches $3.31 Billion Hostile Bid for Tele Atlas; Shares Plunge
By William Patalon III Managing Editor Money Morning The seesaw ride continues for shareholders of navigation-device heavyweight Garmin Ltd., (GRMN). The George Town, Cayman Islands-based company yesterday (Wednesday) announced that soaring sales sent its third-quarter profits rocketing 57% – easily eclipsing Wall Street forecasts. But the company's shares plunged $13.08 each – or nearly 11% [...]
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Would Buffett Give China Mobile a Thumbs Up or Down?
By Mike Caggeso Associate Editor China Mobile Ltd.'s (NYSE:CHL) 30% nine-month profit growth is just as impressive as it is worrying – to Warren Buffett at least. The world's largest mobile-phone operator credited rapid subscriber growth and gains in value-added businesses for its growth, which has handed investors 120% gains on the company's stock since [...]
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Emirates Telecommunication Eyes Controlling Stake in Oman Telecommunications
From Staff Reports Dubai-based Emirates Telecommunication Corp., the third-largest Arab telecommunications company, said it is interested in buying a controlling stake in state-controlled Oman Telecommunications Co., also known as Omantel. News of the possible interest from Emirates Telecom, more generally referred to as Etisalat, sent Omantel's stock up 10%, to a 21-month high, Reuters reported. [...]
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Solid Regional Growth Helps Emirates Telecommunications Report Profits of $1.5 Billion Through Year's First Nine Months
By Mike Caggeso Staff Writer Dubai-based Emirates Telecommunications Corp. (generally referred to as Etisalat), the third-largest Arab telecommunications company, reported that profits for the first nine months of this year jumped 14% (or $490.2 million) to $1.5 billion, as the company added more customers in the rapidly growing area, Reuters reported. Though Etisalat's coverage area [...]
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Microsoft Eyeing GPS-Maker Garmin, Analyst Reports
From Staff Reports Shares of Garmin Ltd. (GRMN), the biggest U.S. maker of portable navigation devices, jumped by nearly 4.6% yesterday (Monday) on speculation that it is a buyout target of Microsoft Corp. (MSFT) – and after an analyst boosted his rating on the stock. Garmin's shares closed yesterday at $108.46, a jump of 4.58%, [...]
