GM to Cut 30,000 Jobs By 2008
General Motors (GM ) announced a restructure plan for North American operations, including a total cost reduction running rate of $7 billion by the end of 2006. The company will cease running nine assembly, stamping, and powertrain facilities, and also plans to cut a total of 30,000 positions through 2008.
Alamosa Holdings (APCS ) agreed to be acquired by Sprint Nextel (S ) for about $4.3 billion, including about $900 million in debt, or $18.75 per Alamosa Holdings share cash.
Micron Technology (MU ) and Intel (INTC ) are to form a new company to make NAND flash memory exclusively for Micron Technology and Intel. They will contribute more than $1.2 billion each, according to the Wall Street Journal. The companies are to enter into separate deals to supply Apple (AAPL ) with a share of NAND flash memory output; Apple is to pay each company $250 million.
Medicis Pharmaceutical (MRX ) rejected an unsolicited proposal by Mentor (MNT ) to acquire Medicis Pharmaceutical for $2.2 billion, or 0.62 Mentor shares per Medicis Pharmaceutical share. Medicis Pharmaceutical says it "remains committed to completing its proposed merger with Inamed (IMDC )."
Boeing (BA ) announced three firm orders for 68 of its airplanes plus rights for 24 additional planes from the United Arab Emirates, International Lease Finance Corp, and Low-Cost Aircraft Leasing; the deals have a total value of about $13.18 billion.
Computer Sciences Corporation (CSC ) was seen lower in pre-market trading on a report that a source said Lockheed Martin (LMT ) and three private equity firms had abandoned talks to buy CSC.
Mattel (MAT ) is to increase its previously announced share repurchase program by an additional $250 million. It raised its annual dividend for 2005 to 50 cents per share from 45 cents.
Incyte (INCY ) and Pfizer (PFE ) entered a collaborative research and license agreement for the development and commercialization of a medical treatments related to CCR2 antagonist compounds. The company may receive up to $803 million in payments.
Inco (N )and Falconbridge (FAL ) announced that they each received a request for additional information from the Antitrust Division of the U.S. Department of Justice in connection with Inco's pending acquisition of Falconbridge.
Genworth Financial (GNW ) confirmed that General Electric intends to reduce its ownership of Genworth Financial shares from 27% to just below 20% by the end of 2005. GE is to fully divest its ownership in the company by the end of 2006.
TiVO (TIVO ) and Apple (AAPL ) announced an enhancement to the current TiVoToGo feature that will allow TiVo subscribers to easily transfer recorded TV programming to iPods and PSP devices; it includes auto-sync for programs recorded the night before.
Doral Financial (DRL ) says it knows of no relevant events or material information causing unusual activity in Doral Financial shares on Thursday and Friday (Nov. 17 and Nov. 18). It noted that the New York Stock Exchange had requested the company make a statement in light of the unusual market activity.
CBRL Group (CBRL ) posted 51 cents vs. 57 cents first quarter earnings per share (including items) on slightly lower same-store restaurant sales. It sees 57 cents to 63 cents second quarter earnings per share (including items) and $2.30 to $2.45 fiscal year 2006 earnings per share (including items).
Draxis Health (DRAX ) expects fourth quarter total consolidated revenues and earnings per share (basic) may not be "materially" better than in the third quarter. It cited delayed shipments and delayed component material delivery.
Skywest (SKYW ) filed to offer 4 million shares.
Valspar (VAL ) posted 50 cents vs. 38 cents fourth quarter earnings per share on a 12% sales rise.