August 15, 2002 |
Communications component maker Agere Systems Inc. will attempt to cut its losses in a lackluster telecommunications market by eliminating more than a third of its work force--about 4,000 jobs--and quitting a business that accounts for about 10% of its revenue. Agere, a spinoff of Lucent Technologies Inc. based in Allentown, Pa., announced Wednesday that it was getting out of the optical electronics business, which makes equipment that controls fiber-optic systems.
December 13, 2001 |
Prudential Financial Inc., the No. 2 U.S. life insurer, launched the largest initial public offering ever in the insurance business Wednesday, selling $3 billion in stock to investors. Newark, N.J.-based Prudential sold 110 million shares, or about 19% of the company, to investors at $27.50 a share, said co-lead underwriter Goldman Sachs & Co. Investment bank Prudential Securities, a unit of Prudential Financial, was the IPO's co-lead manager.
December 17, 2003 |
Broadcom Corp., which makes communications chips for cable modems, set-top boxes and home-networking products, said Tuesday that it would pay PCTel Inc. $3.5 million and become a customer to resolve a patent-infringement lawsuit. PCTel, a Chicago maker of wireless-networking software, agreed to drop its lawsuit and to license Broadcom's use of modem patents and two ethernet-networking patents. PCTel also promised not to sue Broadcom for infringing any other patents. PCTel sued 3Com Corp.
February 21, 2001 |
Agere Systems Inc., the Lucent Technologies Inc. unit whose planned initial stock sale is expected to be the second-biggest in U.S. history, may record a "significant" operating loss in its fiscal second quarter as customers cancel orders. Agere, Lucent's fastest-growing business, said in a filing Tuesday that it expects sales to fall in its fiscal second quarter ending March 31 from its first quarter.
May 29, 2001 |
French telecommunications equipment maker Alcatel continued negotiations over the weekend to buy floundering U.S. rival Lucent Technologies Inc. for about $32 billion and an agreement could be announced Wednesday, sources familiar with the situation said Monday. The two equipment manufacturers, who declined to comment, held negotiations throughout the long holiday weekend and worked to settle final details, sources said.
April 25, 2001 |
Struggling telecommunications equipment giant Lucent Technologies Inc. reported a $3.7-billion loss in its fiscal second quarter Tuesday, yet its stock surged on optimism that its long-awaited turnaround could be near. The company, based in Murray Hill, N.J., said the pro forma loss for the quarter ended March 31, excluding restructuring charges and other one-time costs, was 37 cents a share, contrasted with a gain of 16 cents in the year-ago period.
December 5, 2006 |
LSI Logic Corp. said Monday that it would purchase rival storage and communications chip maker Agere Systems Inc. for $4 billion in stock, a move that would help it expand into the fast-growing market for the electronic brains of portable gadgets. Agere shareholders will receive 2.16 shares of LSI for each Agere share held, valuing Agere at $22.81 a share. The purchase price represents a 28% premium to Agere's Friday closing price of $17.79. Shares of Allentown, Pa.-based Agere rose $1.51, or 8.
January 15, 2001 |
Call it the Year of the Jumbo. After a year when fledgling companies dominated the market for initial stock sales, 2001 promises a raft of large offerings from household names including Philip Morris Cos.' Kraft Foods Inc. and Verizon Wireless. Jumbo sales of about $50 billion--or half of last year's record proceeds--are in the works, with the bulk comprising telecommunications companies from around the globe looking to raise money for acquisitions, expansion and new technology.
July 26, 2001 |
Compaq Computer Corp. posted sharply lower second-quarter profit and sales Wednesday and said sales could continue to slide in the coming months as a downturn in the computer sector spreads around the world. "It's an understatement to say that we're in the midst of an extremely challenging global market," said Michael Capellas, chairman and chief executive. The No.
June 27, 2001 |
Struggling Lucent Technologies Inc. suffered another costly indignity on Tuesday as both Moody's Investors Service and Fitch relegated the telephone equipment firm's long-term debt to junk status. The ratings cuts follow a similar step by Standard & Poor's two weeks ago and affects $3.8 billion of Lucent's debt and further limits the company's ability to raise money at reasonable prices through the bond market.