Texas Instruments (TXN) 22.18 +0.59 (-2.7%)
Semiconductor company announces plans to buy back $1 bln in stock and boost its annual dividend to $0.10 per share (an increase of 17%); News has been a boon to the stock, which has rallied 14% since mid-September despite weaker than expected revenue guidance on September 8; Texas Instruments is the latest company to use its cash horde to return value back to shareholders in the form of dividends; Microsoft (MSFT) has been particularly active in that regard, announcing one of the largest buybacks in history
3Coms (COMS) 4.40 +0.08 (+1.9%)
After cutting its outlook on September 3, telecommunications provider gives a confusing Q1 (Aug) report, saying its net loss of $0.09 is not comparable to the consensus estimate; Revenues, however, are, and they slipped 12% to $162 mln (consensus of $168.1 mln); Based on its Q1 results and roughly in line projections for Q2 (Nov), company says it is no longer targeting enterprise revenues of $800-850 mln for FY05 (May); Briefing.com noted that downside was limited from here in today's Story Stock
MKS Instruments (MKSI) 14.52 -1.45 (-9.1%)
Maker of process control technology used in semiconductor manufacturing cuts its Q3 (Sept) top and bottom-line forecasts, due to lower than expected orders combined with stretched out delivery requests and order push outs; Company is part of the long list of semiconductors (BRCM, INTC, and TXN) that have reduced expectations in recent weeks; Competitor MYK has weakened tonight as well
Transocean (RIG) 33.21 -0.14 (-0.4%)
World's largest offshore drilling contractor says that one semisubmersible deepwater nautilus (rig) remains uaccounted for following Hurricane Ivan; The rig was located approximately 160 miles south of Mobile, Alabama; Company says that it has located the rest of its drilling rigs located in the Gulf of Mexico; Worries that US oil production would suffer following Ivan sent the price of crude oil up $0.30 to $43.88/bbl today
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