SunPower Corporation (NASDAQ:SPWR) ascend 14.22% to finish at $7.95 in following trading session. SunPower (SPWR) released that restructuring program; guiding 2017 in line with expectations on a Non-GAAP basis. “As we released in our third quarter 2016 earnings release, given the current market dislocation, we have made the strategic decision to implement a broad restructuring program to position the company for sustained, long term profitability.”
The company will implement the following initiatives: Closure of its 700-megawatt (:MW) nameplate capacity Fab 2 facility. Implement a global workforce reduction of approximately 25 percent or 2,500 employees. Reduce 2017 annual operating expenses to less than $350 million. Substantially decrease 2016 inventory to improve working capital and de-lever its balance sheet. Reduce annual 2017 capital expenditure by more than 50 percent to $100 million. Continue to invest in next generation cell and module technology as well as complete solutions The corporation has return on equity of -24.00% and while returns on assets was calculated -6.50% with -73.51% year to date performance. The annual sales growth for the past five year was -6.60%.
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Shares of Abbott Laboratories (NYSE:ABT) swings by following news as it raised 0.16% to $38.48 in latest trading flood. Abbott (ABT) declared that it files complaint to terminate its proposed acquisition of Alere (ALR). Abbott (ABT) has filed a complaint to terminate its proposed acquisition of Alere based on the substantial loss in Alere’s value following the merger agreement.In the 10 months following the Jan. 30, 2016, signing of the agreement, Alere has suffered a series of damaging business developments, including the government eliminating the billing privileges of a substantial Alere division, the permanent recall of an important product platform, multiple new government subpoenas, including two new criminal subpoenas, and a five-month delay in filing its 10K coupled with admissions of internal control failures requiring restatement of its 2013-2015 financials. The return on equity was 6.60%. The company’s Debt to equity ratio was 0.38.
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Medtronic plc (NYSE:MDT) moves up 0.15% to close at $72.22 as 7.48 Million shares changed hands in regular trading session. The firm is going down from its 52 week high price of -19.10%. Fitbit& Medtronic (MDT) partner to integrate health and activity data into new CGM ‘solution’ for type 2 diabetes management; terms not disclosed (FIT). The iPro2 myLog mobile app will allow patients living with type 2 diabetes to see their glucose levels and physical activity data in one streamlined application.”By partnering with Medtronic, we are able to bring the power of Fitbit’s automatic activity tracking together with continuous glucose monitoring, allowing patients and providers to have a more informed conversation.”
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