The board of directors at Applied Micro Circuits (Nasdaq:AMCC) approved a $100 million stock repurchase program Wednesday, the company revealed in a quarterly filing today. Details of the program “are still to be determined.”
The amount is about a third of the company’s total market value as of Friday. It is also slightly more than half of the Sunnyvale chip maker’s total Read the rest of this entry »
Maxim Integrated Products, the Sunnyvale chip maker that recently completed a major restatement project caused by a history of incorrectly priced stock option grants, said it expects to report sales of about $500 to $502 million for its fiscal 2009 first quarter ended Sept. 27, slightly below the consensus estimate of $504 in a Thomson Reuters survey. The company said per-share profits would now range from 19 to 22 cents, a bit below the 23 cents most analysts had expected.
The results will include an estimated $30 to $32 million in charges “primarily related to Read the rest of this entry »
Lam Research, the Fremont supplier of chip-making equipment whose stock is down 26 percent so far this year, said its board authorized buying back up to $250 million worth of its own stock, effective immediately, according to a filing Monday with the SEC.
It is the first stock buyback since fiscal 2007 when the company spent Read the rest of this entry »
Adept Technology, the Livermore maker of manufacturing robotics, is set to go to court Sept. 16 to try and stop its eviction from its headquarter facilities in the Tri-Valley Technology Center on Triad Drive, according to one of its SEC filings Wednesda. It’s landlord, who gave the company notice back in April that it wished to terminate its lease, and saying that the company owed it a $1 million “termination fee.” The July deadline came and went with Adept still occupying the space. A second termination notice was served giving the company until Aug. 26 to vacacte the premises, which Adept still has not done. Read the rest of this entry »
Intel, the world’s largest maker of chips and Silicon Valley’s second largest company, released results for its second quarter that pleased Wall Street and set an at least initially positive tone to earnings season for technology companies.
The company was flush enough with cash to spend Read the rest of this entry »
Altera, the San Jose maker of programmable semiconductors, revealed in a regulatory filing Friday that it entered into a contract on May 2 to buy back shares under the terms of a plan drawn up under S.E.C. Rule 10b5-1 that “covers the period from June 2, 2008 to July 18, 2008, unless the Plan is earlier terminated.”
Under the plan, the company could buy back up to $100 million worth of its own stock, or 7
million shares, whichever is lower. Altera shares closed Friday at $23.14, up nearly 20
percent so far this year. At that price the company could buy about 4.3 million shares. Its
share price would have to fall to around $14.30 if Altera were to be able to buy back 7
million of them.
Sigma Designs wasted no time in buying back most of the 5 million shares its board had authorized for repurchase earlier this year, according to its annual 10-K filing Wednesday. It spent $80.6 million buying 3.8 million shares at an average price of $21 per share.
The board of the Milipitas chip maker initially OK’d repurchasing 2 million shares on Feb. 27 when its shares were trading around $32, down 18 percent from where they had ended 2007. The board upped that amount by 3 million more shares on March 18. Sigma shares were battered March 13 after the company said it earned 80 cents per share in its fiscal 2008 fourth quarter, a penny short of Wall Street expectations. They fell $4.16, or 16 percent, to $21.10 on volume that was five times its average for the year.
Gilead Sciences of Foster City said in a press release Friday that it has made a deal with Goldman, Sachs & Co. to buyback $500 million of its shares under an “accelerated” share repurchase program the company announced back in October when it said it would spend up to $3 billion buying back its own stock.
Gilead said it will pay $500 million on March 5 for what it estimates will be about 7.2
million shares, all of which are to be “retired.”
Gilead ended 2007 with 930.8 million shares outstanding, 11.1 million more than the year before, or about 1 percent.
The board at Cadence Design OK’d yet another $500 million stock-repurchase program Wednesday. That would be the third such plan in two years for the San Jose supplier of electronic design software.
One thing is for sure: the $500 million it can begin spending as of, like, IMMEDIATELY, will buy considerably more shares than they did last year. Cadence shares, which traded as high as $24.90 in June, have fallen by more than half since then, closing at $10.86 Wednesday.
Last year Cadence spent $418.6 million buying back its own shares, which was $16 million more than all the cash the company got from operations in 2007. In 2006, Cadence shelled out $494 million to buy back stock, $73 million more than cash from operations.
In the two years since the buybacks began, Cadence insiders have sold 1.6 million shares for $31.3 million at an average share price of $19.88, a couple of bucks above where those shares were trading when buybacks began two years ago.
Any Cadence shareholders out there want to say what you think?
After spending $7.8 billion in fiscal 2007 buying back 297 million shares of its own stock, Cisco Systems is asking shareholders to approve more than doubling the number of shares left in its current stock incentive plan to 394 million, according to its proxy filed Wednesday.
Two years ago Cisco asked its shareholders to approve a stock incentive plan covering 350 million shares, which, along with shares left over from a previous plan, gave it a bank of 567 million shares with which to reward its workforce.
Since then the company has doled out to employees a net total of 413 million shares by way of option grants and other stock awards. The 154 million shares they have left in the plan won’t cover the estimated 185 million shares Cisco will give out in its current fiscal year, so its asking shareholders to approve adding 209 million more.
And although the company is asking its shareholders to extend the plan through fiscal 2012, it says that the new batch of stock will only last through 2009, after which it will need to seek more.
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