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In a restructuring of its Chinese operations, Nokia (NYSE:NOK) will close two of four of its distribution centers and consolidate its operations at the remaining two centers.
iGATE’s (NASDAQ:IGTE) reported a stellar set of numbers for Q2 for 2012: net earnings leaped 217.5 percent to $12.7 million (diluted earnings of $0.07 GAAP; $0.28 non-GAAP) compared to $4 million last year while revenues grew 57.3 percent to $268 million from $170.4 million in 2011. Phaneesh Murthy, CEO, iGATE was justifiably upbeat: “It has been satisfying to see growth coming back in a very volatile market. I am particularly happy with the pedigree of the new clients we have added in the quarter with seven of them being Fortune 1000 companies. This clearly shows the increased acceptance of our differentiated outcomes-based proposition.”
Investors and analysts, both frustrated with Procter & Gamble’s (NYSE:PG) continued under-performance compared to rivals such as Colgate (NYSE:CL) and Unilever (NYSE:UN) may welcome activist investor Bill Ackman’s recent acquisition of a $2 billion stake in the company – it is still unclear whether CEO Rober McDonald would be replaced or the company split in two.
US Airways’s (NYSE:LCC) new filing in court stating it supports bankrupt American Airlines being given more time to file its restructuring plan is one more chapter in the saga relating to their possible merger. Though American says it is courting other merger options, US Airways still remains the most likely suitor.
Wilbur Ross increased his approximately 29 million share stake in Exco Resources (NYSE:XCO) last month by another 700,000 shares at an average price of $6.78, much lower than the $14 price of his original stake.
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