Bank of America Corp (NYSE:BAC) and JPMorgan (NYSE:JPM) yesterday took a hit after President Barack Obama’s win, influencing option traders in the Financial Select Sector SPDR Fund, a popular exchange-traded fund, to avoid failed election bets “in epic proportions,” according to the Wall Street Journal.
Sirius XM Radio Inc (NASDAQ:SIRI): Mel Karmazin, CEO of Sirius XM Radio, stated, “Sirius XM Radio 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.”
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SandRidge Energy Inc. (NYSE:SD): TPG-Axon, who owns over 4.5 percent of SandRidge Energy’s outstanding shares, sent a letter to SandRidge’s Board of Directors. As a means to unlock the value of the company in the best interests of shareholders, TPG-Axon requires that the Board of Directors be significantly reconfigured, with some directors replaced by credible, independent directors, that are chosen after extensive consultation with large shareholders. Furthermore, large shareholders may be invited to join the board, if desired, and the Board is then responsible for reconfiguring management and leadership of the company. TPG-Axon views CEO Tom Ward’s credibility as being too damaged to continue in his role. The company must find new management viewed as credible, experienced, and highly competent. The Board will likely hire an advisor to explore all strategic alternatives. When considering the difficult challenge of restoring confidence, the Board cannot ignore whether the value of the company’s assets will instead be maximized via selling to another company.
Alcatel Lucent SA (NYSE:ALU) chose Craig Thompson as the leader of a new business unit, which managers one of the world’s largest portfolios of intellectual property assets as a dedicated profit center. There are over 29,000 issued patents, and the new unit will be impotant in Alcatel-Lucent’s new operating model, which was announced on September 10, 2012 and designed to facilitate delivery of The Performance Program, which is the strategic initiative to gain Euro 1.25 billion of cost savings by the end of 2013.
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