Movers: Alcoa, Dow Chemical, Apple, Logitech, Lab Corp.
Alcoa (AA) said it will curtail aluminum production and cut about 13,500 jobs, or 13% of its global work force, to save cash and reduce costs in the current economic downturn, reports the AP.
Dow Chemical (DOW) announces wide range of legal, operating and financial actions that will keep it on track to fulfill transformational corporate strategy it has pursued since 2005. Chairman & CEO Andrew Liveris said recent decision by DOW's partners in Kuwait to abandon terms of its Joint Venture Formation Agreement will not deter the company from pursuing transformational strategy that has been DOW's roadmap for future growth, profitability. He says DOW will pursue legal, other options to fulfill rights under Kuwait agreement.
Apple (AAPL) trades higher after Oppenheimer reportedly upgrades AAPL to outperform. Yesterday's AAPL's CEO Steve Jobs, commenting on his weight loss, said the doctors think they found the reason for his weight loss: a hormone imbalance that has been "robbing" Jobs of the proteins his body needs to be healthy. Jobs has already begun treatment. Investors had been concerned that the reason for Jobs' weight loss was due to a return of a serious illness Jobs suffered from a few years ago.
Logitech International (LOGI) announces that it has withdrawn its fiscal year 2009 growth targets for sales and operating income due to the deepening global recession. Plans to update investors on business conditions, performance during its briefing on third quarter results on Jan. 20, 2009. In addition to ongoing actions aimed at reducing operating expenses, plans to reduce its salaried workforce globally by approximately 15%; associated restructuring charge will be announced with third quarter results, booked in fourth quarter. S&P cuts target price, reiterates hold.
Amedisys (AMED) sees 2009 net service revenue of $1.425-$1.475 billion and EPS of $4.10-$4.30 (both exclude effects of future acquisitions, if they are made). Says guidance driven by expected improvements in contributions from past acquisitions, efficiency initiatives, organic revenue growth, incl. further contributions from its Specialty Division.
InterContinentalExchange (ICE) reports volume for all ICE futures contracts in 2008 rose 21%; total futures volume for month of December increased 36%, ADC in ICE's OTC energy biz increased 32%. UBS Financial downgrades to neutral from buy.
Laboratory Corporation of America Holdings (LH) lowers 2009 EPS guidance to $4.75-$4.95, vs. prior guidance of $5.00-$5.25, excluding impact of any share repurchase activity after Sept. 30, 2008. Now sees 2%-4% 2009 revenue growth, vs. prior 3.5%-5.5% revenue growth guidance. S&P lowers estimate, target, keeps buy.
Micrel (MCRL) expects fourth quarter revenues to be down about 18%-20% vs. previous guidance of down 7%-13%. It cites lower-than-anticipated OEM turns-fill orders and distribution resales occurring in late November and December. Now sees fourth quarter EPS of $0.06-$0.08 vs. previous guidance of $0.08-$0.11. In effort to control expenses and protect MCRL's earnings, has instituted a companywide 6% reduction in workforce.
Garmin Ltd. (GRMN) - Goldman reportedly downgrades GRMN to sell from neutral.
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