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Bank of America Corp (NYSE:BAC) is taking another look at their flex time program, My Work, reportedly as part of Project New BAC. The bank is looking to reduce the number of employees involved in the program and are examing the issue on a department-by-department basis. Some employees may soon be required to come in to the workplace to perform their duties.
Nokia Corporation (NYSE:NOK): Following their decision to trim their optical network business, Nokia Siemens Networks confirmed that some Chinese employees are being transferred to a new company. However, the number of staff affected is “very small”, according to the company’s Chinese officials. Chinese media reported on Monday that more than 100 Nokia employees in China, most of whom are working in the optical network business and are based in Shanghai, might be involved in the transfer.
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Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX): After the company announced their planned acquisition of oil and natural gas shares of mining company Plains Exploration and McMoRan Exploration for $10.3 billion in a cash and stock, Freeport McMoRan Copper & Gold Inc. increased over 17%. The debt inherited from these two companies will push the cost of the deal up to approximately $20 billion. Analysts and investors appear to be at a consensus that Freeport overpaid for the two companies which dilutes their value.
Micron Technology, Inc. (NASDAQ:MU) has been assigned a patent (8,323,988) developed by Kie Y. Ahn, Chappaqua, N.Y., and Leonard Forbes, Corvallis, Ore., for “Zr-substituted BaTiO.sub.3 films.”
Sirius XM Radio Inc (NASDAQ:SIRI) has decided to share the wealth with their shareholders. Yesterday, their Board of Directors approved a $2 billion common stock repurchase program. Shares of common stock will be purchased from time to time in the open market and in privately negotiated transactions. Additionally, the Board also approved a special dividend of 5c per share payable on December 28, 2012 to stockholders of record at the close of business on December 18, 2012. The special dividend will cost the company about $325 million.
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