May 3, 2007 |
Motorola Inc. said Carl Icahn lacked the commitment and seriousness needed to join its board, escalating a campaign against the billionaire investor's bid to become a director. Icahn views board membership as a "mere adjunct to his investing activity," Schaumburg, Ill.-based Motorola said in a letter to investors. Shareholders will vote Monday on Icahn's board nomination at their annual meeting. Icahn, who controls 2.
March 22, 2007 |
Motorola Inc. warned Wednesday that it would post a first-quarter loss, and it cut its revenue forecast to far below Wall Street expectations because of weak cellphone sales, driving shares down nearly 6%. The No. 2 maker of mobile phones, which has disappointed investors for the last two quarters, also said it would accelerate its share buyback program, appearing to give in to demands by billionaire investor Carl Icahn.
March 13, 2007 |
Billionaire shareholder activist Carl Icahn increased his stake in Motorola Inc. and started a proxy fight for a board seat after demanding that the mobile phone maker return more of its cash to investors. Icahn, who owns 2.5% of the stock, submitted proxy materials for the Schaumburg, Ill.-based company's May 7 shareholder meeting in a regulatory filing. Motorola is reviewing the statement, a spokesman said.
March 6, 2007 |
Motorola Inc. may be preparing for a fight to keep billionaire activist Carl Icahn off its board. "Mr. Icahn's nomination has not been endorsed by your board of directors," the company said March 2 in its notice for the 2007 shareholder meeting. "We urge stockholders not to sign any proxy card that you may receive from the Icahn entities." The comments suggest that Motorola may stand up against Icahn as he presses Chief Executive Ed Zander to use all of the company's $11.
January 20, 2007 |
Motorola Inc. said Friday that it would cut 3,500 jobs and take other steps to reduce costs after misjudgments on pricing and sales forecasts for its high-end phones contributed to its least profitable quarter since 2004. The move came as the world's No. 2 cellphone maker reported a 48% decline in fourth-quarter earnings, to $624 million, on a steep drop in profitability in the handset business.
January 9, 2007 |
Motorola Inc. may face a fine of as much as $100 million for allowing expert witnesses to read trial transcripts before testifying in a $10-billion trade-secret case that ended in a hung jury, a judge said. State Circuit Judge Leroy Moe in Fort Lauderdale, Fla., reserved his ruling on a fine while refusing to grant SPS Technologies Corp. outright victory on its claim that Motorola stole its idea for a vehicle-tracking system. Two witnesses for Schaumburg, Ill.
January 6, 2007 |
Motorola Inc.'s two-year resurgence in the global cellphone market appeared to be in trouble Friday after the company warned of disappointing sales and earnings from the key holiday selling season. Investors sent Motorola stock down sharply amid a consensus that the trendsetting Razr had lost its buzz in the marketplace and that Motorola's efforts to come up with a new killer product have so far not paid off, hindered by stiffening competition.
December 28, 2006 |
The Federal Trade Commission signed off on Motorola Inc.'s $208-million purchase of Netopia Inc., a maker of high-speed Internet modems and software, after an antitrust review to ensure that the acquisition wouldn't be anti-competitive, according to the agency's website. Motorola, the biggest U.S. maker of cable-television set-top boxes, agreed in November to buy Emeryville, Calif.- based Netopia. The deal is part of a larger effort by Schaumburg, Ill.
November 11, 2006 |
Cellphone maker Motorola Inc. said Friday that it was buying BlackBerry rival Good Technology Inc., a deal that should boost the prospects for its new Q device as consumer demand for e-mail phones explodes. Terms were not disclosed. The deal underscores efforts by the handset manufacturer to sell more business-oriented mobile devices. In September, Schaumburg, Ill.-based Motorola agreed to the $3.9-billion purchase of Symbol Technologies Inc.
October 18, 2006 |
Motorola Inc., the world's second-largest cellphone maker behind Finland's Nokia Corp., reported a 45% decline in third-quarter profit Tuesday on revenue that came in well below analysts' expectations. The earnings met Wall Street's estimates, but sales of Motorola's Razr phones left total revenue nearly half a billion dollars lower than forecast. Earnings for the July-through-September period were $968 million, or 39 cents a share, down from $1.75 billion, or 69 cents, a year earlier.