Indecision Looms On Markets
Markets appeared set to open flat on
Thursday as indecisiveness still weighs on the market.
After the close, Young Broadcasting
Inc.
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PowerRating) announced that the company will be offering $3 million in
Class A shares The company stated that the proceeds from the offering will
be used to reduce senior borrowing and for general corporate purposes.
Heidrick Struggles
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PowerRating)
reported that the company expects to cut its workforce by 13%, or 300 jobs, and
will be taking a one-time charge in Q2 as a result of the job cuts. The
Executive search firm stated that the strategic cut in its workforce will save
the Chicago-based company between $30-$35 million annually.
United Airlines
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PowerRating) pilots
ratified a new five-year contract with pay raises.
CONSOL Energy Inc.
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PowerRating) has
agreed to acquire a 50% stake in AMCI’s Glennies Creek Mine, based in New
South Wales, Australia.
Avery Dennison
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PowerRating) sees a decrease in the rate of international growth and cut its Q2
revenue estimates by 5%. The company expects revenues to fall between $955 –
$965 million. The Pasadena-based company is a leader in pressure-sensitive
technology and innovative self-adhesive solutions.
Ball Corp.
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PowerRating) announced that it will be taking a $185 million
restructuring charge in Q2. The restructuring charge is due to the company’s
decision to cut its general line metal can manufacturing business in China.
Electronics manufacturer Sanmina
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PowerRating) joined several other peers
in the industry and warned that the company will miss analyst expectations for
Q3. The company expects earnings of 10 cents before one-time charges,
while analysts’ expectations were for 19 cents according to a survey conducted by
Thomson Financial/First Call.