Microsoft to Defer Revenue and 4 Hot Stocks Buzzing on The Street
Skullcandy Inc (NASDAQ:SKUL) has appointed Kyle Wescoat as SVP and Chief Financial Officer, which will be effective October 1. Prior to this, Wescoat was VP and CFO of VIZIO.
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Microsoft (NASDAQ:MSFT) stated that it intends to defer revenue to about $100 million to $140 million for fiscal 2013’s Q1. The deferral is of revenue related to licenses that were sold into distribution channels which are to be sold to end customers beneath the terms of Microsoft’s marketing program to offer a free upgrade for purchases of Office 2010 or Office for Mac 2011. Beginning on Oct. 19, buyers meeting qualifications will be able to download one year of Office 365 Home Premium or the equivalent Office 2013 offering. “The deferral only impacts the timing of revenue recognition and will not impact cash flows from operations,” the company stated late Monday.
Oneok Inc. (NYSE:OKE) claims that $300 million remains for its stock-buyback authorization, after the completion of a $150 million accelerated share-repurchase agreement with Goldman Sachs & Co. Beneath the agreement, Goldman has give over 3.4 million common shares to Oneok, who paid for the repurchases via available cash and short-term borrowings. Under the terms of the company’s three-year buyback program, repurchases are not to surpass $300 million in a calendar year. The program is to end by 2013’s end if the total $750 million authorization does not run out first, according to Oneok.
Alpha Natural Resources, Inc. (NYSE:ANR) has outlined its intentions for the restructuring of its portfolio of operations as an attempt to catch up with the ever changing demands of a global coal market. By early 2013, the company is to be totally aligned to focus on its two main strategic priorities. These are to enhance Alpha’s metallurgical coal leadership position in both the domestic and international markets, to establish a durable core of cost-competitive thermal coal assets more appropriate supply to structurally shift power markets within the U.S. and it will be able to tap into new thermal markets overseas. Overhead cost savings from the streamlining of field and corporate support functions should total $150 million, including the $50 million to $60 million of the cost reductions that Alpha announced on June 8.
Dole Food (NYSE:DOLE) will sell its global packaged-foods unit and its Asia fresh produce business for about $1.69 billion. The company claims it intends to put the cash to work to pay down debt as it also begins a streamlining plan through its cost-reduction measures. Dole Food is being purchased by Japan’s Itochu Corp., confirming the deal that was first reported last week and continues to be subject to the approval of Dole stockholders.
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