“This is an important step forward in the reoganization process,” Micron’s (NASDAQ:MU) CEO Mark Duncan says after a Tokyo court gave the green signal to its restructuring plan for reviving bankrupt Japanese chipmaker Elpida through an acquisition. The court has stipulated February 26 as the date for referring the reorganisation plan to vote by creditors. A rival group of Elpida bondholders claims that this plan will “deliver Elpida to Micron at a grossly inadequate price,” and proposes to vote against it.
Rating agency Moody’s has placed its credit ratings on Panasonic (NYSE:PC) on watch, and may consider a possible downgrade, after the Japanese electronics firm reported a disastrous quarterly loss. Moody’s said: “Panasonic will focus on its more competitive businesses, such as appliances and eco- solutions, and reduce its exposure to more volatile digital products and devices…However, there is a high degree of execution risk.” Shares of Panasonic lost 19.46% in Tokyo trading today.
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October sales at Costco (NASDAQ:COST): Total sales are up 9% to $7.67 billion while same-store sales climb 7%, driven by higher gas prices and foreign currency effects. Net of these factors, domestic and international sales were higher by 5%.
Dollar Thrifty Automotive Group (NYSE:DTG) reports third quarter EPS of $1.91 which beats by $0.22 on revenues of $460.6 million which surpasses estimates by $6 million. Vehicle rental revenues climbed 1.5% on an annual basis to $442.3 million. Fleet cost per vehicle was $246 per month compared to $186 last year. Utilisation rate improved to 84.7% from 83.9% in the same quarter last year. The company revised its estimate for full-year EPS to a range of $5.50-$5.75, up from the previous estimate of $5.25-$5.70 per share.
Sirius XM Radio (NASDAQ:SIRI) reports third quarter EPS of $0.01 which is short of expectations by $0.01, and revenues of $867.3 million which beats by $2 million and is up 14% on an annual basis. “SiriusXM delivered a very strong third quarter for our shareholders, with 446,000 net subscriber additions, double-digit growth, and record levels of revenue, adjusted EBITDA, and free cash flow. The Company has produced more free cash flow in the first nine months of this year than in any full year in its history, and we’ve used this cash to reduce our debt to its lowest level since the merger of Sirius and XM,” said Mel Karmazin, Chief Executive Officer, SiriusXM.