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Nokia Corporation (NYSE:NOK): Timo Ihamuotila, Nokia’s Executive Vice President and Chief Financial Officer, commented about today’s rating decision from Standard & Poor’s, “The impact of Standard & Poor’s decision about the company is limited. As we continue our transition, we are applying a strong focus on cash conservation while simultaneously reducing our operating costs and making our operating model stronger and more agile. We ended our second quarter with gross and net cash, both higher than a year earlier. With gross cash of EUR 9.4 billion and net cash of EUR 4.2 billion, we have a strong financial position and robust liquidity profile. We also have access to additional liquidity via a revolving credit facility of EUR 1.5 billion. This is entirely undrawn, available to us until March 2016, and comes without any financial covenants.”
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Cisco Systems, Inc. (NASDAQ:CSCO): According to First Call, after the market closes today, Cisco Systems, Inc. (NASDAQ:CSCO) is expected to report fourth quarter earnings, with a conference call scheduled for 4:30 pm ET. The consensus estimate is 46c for earnings per share and $11.60 billion for revenue. Cisco warned, heading into the fourth quarter, that global economic weakness would hold back their results.
Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG): Sumitomo Mitsui Financial Group, Inc. offered a focus for Wednesday’s Asia trade with big Japanese banks extending weaknesses from the previous session. Mitsubishi UFJ Financial Group Inc. JP:8306 -0.55% MTU -1.30% lost 0.6%, Mizuho Financial Group Inc. JP:8411 -0.78% MFG -1.82% fell 0.8%, and Sumitomo Mitsui Financial Group Inc. JP:8316 -2.19% SMFG -2.08% came off by 2.2%.
Micron Technology, Inc. (NASDAQ:MU): Bankrupted Japanese chip maker Elpida Memory Inc. plans to submit their restructuring plans to court next Tuesday. They plan to start rebuilding under their new owner, Micron Technology Inc.(US:MU), as early as October. However, twenty bondholders, including foreign investment funds, have offered to provide Elpida a credit line and time to find a new sponsor, asserting that the company is worth more than Micron is paying..
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA): Option volume ramped up on Arena Pharmaceuticals, Inc., with approximately 51,000 calls and 15,000 puts crossing the tape. This represented 1.74 times the stock’s daily average. The August 9 call saw the biggest rise in open interest, overnight, with 2,682 contracts added. Yesterday, most of the volume at this strike traded at the ask price, pointing to buyer initiated activity.
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