BROWSING: ADC

Financial ratings wrap-up: Verizon, Tellabs, ADC and more

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.Carrier --Standard & Poor's Ratings Services raised its issue rating on Qwest Corp.'s senior unsecured debt to BBB- from BB+.--Lehman Bros. raised its price target...

ADC shows strong quarter but forced to restate earnings

Infrastructure equipment maker ADC Telecommunications Inc. announced it increased earnings by 9 percent in the past quarter from the same quarter a year ago, but was also forced to restate its earnings for the fiscal year ending Oct. 31, 2006, to include a $6.7...

Andrew hit by fourth quarter charges

WESTCHESTER, Ill.—Andrew Corp.’s fourth-quarter results revealed the financial burden the company absorbed in part due to its now-abandoned merger proposed earlier this year by rival ADC Telecommunications Inc. Andrew reported a quarterly loss of $59.7 million, a disappointing turnaround from the year-ago profit of...

After the break-up, ADC, Andrew restructure

Just as the dust settled on ADC Telecommunications Inc.'s failed attempt to merge with Andrew Corp., ADC announced plans to lay off about 225 of its 8,200 employees as part of a restructuring effort. Interestingly, the news came on the heels of Andrew's own...

ADC fires 225 in restructuring effort

MINNEAPOLIS—ADC Telecommunications Inc. said it will lay off about 225 people as part of a restructuring program. In a Securities and Exchange Commission filing, the company said the restructuring is an effort to reduce costs.The layoffs, which have already begun, will cover all of...

Andrew aims to bolster share price via buyback

Since ditching merger negotiations and a takeover bid a few weeks ago, Andrew Corp. has been busy buying back 2.4 million shares of its common stock at an average price of $9.10 per share. "We believe the share repurchase program demonstrates our confidence in...

Weekly wireless ratings wrap-up

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms. Click here for wireless ratings from past weeks from RCR Wireless News.Handset and infrastructure vendorsCredit Suisse First Boston raised its price target on LG...

Andrew trying to bolster share price through stock buyback

WESTCHESTER, Ill.—Since ditching merger negotiations and a takeover bid a few weeks ago, Andrew Corp. has been busy buying back 2.4 million shares of its common stock at an average price of $9.10 per share. "We believe the share repurchase program demonstrates our confidence...

Andrew spurns both suitors to go it alone

Andrew Corp.'s merger-and-acquisition adventures skidded to a full stop last week as the company pumped its brakes on potential deals with both ADC Telecommunications Inc. and CommScope Inc.-preferring instead to go it alone. Andrew announced in May a merger with ADC, but on Aug....

CommScope: We will not pursue Andrew

HICKORY, N.C.—In the wake of Andrew Corp.’s rejection of CommScope Inc.’s $9.50 per share acquisition proposal, CommScope said it will not pursue the company further. "After careful consideration with our advisors, CommScope has decided not to pursue its proposal to acquire Andrew Corporation at...

Andrew says ‘no thanks’ to both ADC, CommScope

WESTCHESTER, Ill.—Andrew Corp.’s merger-and-acquisition adventures skidded to a full stop as the company pumped its brakes on potential deals with both ADC Telecommunications Inc. and CommScope Inc.—preferring instead to go it alone. Andrew announced in May a merger with ADC, but this week CommScope...

CommScope counters ADC’s bid for Andrew

HICKORY, N.C.—CommScope Inc. has shaken up ADC Telecommunications Inc.’s bid to buy Andrew Corp. with a $9.50 per share proposal valued at about $1.7 billion in cash, including the assumption of $186 million in debt. Based on Friday’s closing stock price of $12.22 per...

Andrew’s profits drop ahead of ADC merger

WESTCHESTER, Ill.-Andrew Corp. reported declining fiscal third-quarter net profits as the company covers restructuring costs in preparation for its proposed merger with ADC Telecommunications.Profits for the quarter fell from last year's $13 million to this year's $7 million, while revenues grew from last year's...

Andrew’s profits drop ahead of ADC merger

WESTCHESTER, Ill.—Andrew Corp. reported declining third-quarter net profits as the company covers restructuring costs in preparation for its proposed merger with ADC Telecommunications. Profits for the quarter fell from last year’s $13 million to this year’s $7 million, while revenues grew from last year’s...

ADC lowers sales forecast

MINNEAPOLIS—ADC Telecommunications Inc. said it expects its sales from continuing operations for 2006 to come in lower than it previously predicted. Sales are expected to be between $1.28 billion and $1.3 billion. Earlier, the company predicted sales of between $1.35 billion and 1.39 billion....

ADC adds to wireless suite with Andrew acquisition

In a move designed to give the wireline equipment leader a boost in its wireless sales, ADC Telecommunications Inc. said it would pay $2 billion in stock to acquire Andrew Corp. Indeed, a combined Andrew and ADC would reap almost half of its revenues...

Weekly wireless ratings wrap-up

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms. Click here for wireless ratings from past weeks from RCR Wireless News.CarrierRBC Capital Markets started coverage on Dobson Communications with a sector perform rating...

ADC to acquire Andrew in $2B move

MINNEAPOLIS—Wireline connectivity equipment leader ADC Telecommunications Inc. announced it’s willing to pay $2 billion in stocks to acquire Andrew Corp., a move that would give ADC a major boost in the wireless gear arena.Indeed, a combined Andrew and ADC will reap almost half of...

Weekly wireless ratings wrap-up

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms. CarriersPrudential Equity Group lowered its subscriber net adds forecast for UbiquiTel Inc., and consequently its EPS forecast for the company’s fiscal 2006. Prudential’s new EPS...

ADC acquires muni Wi-Fi vendor G-Connect

MINNEAPOLIS—ADC Telecommunications Inc. announced it acquired Israeli start-up G-Connect, a developer and manufacturer of systems that serve large and medium-sized Internet service providers. G-Connect’s IP service gateway system is used in high-speed Internet access networks and is specifically designed for managing IP traffic in...

Weekly wireless ratings wrap-up

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.

Ericsson outlines 3G vision, $1B Chinese investment

L.M. Ericsson outlined its vision for third-generation evolution, saying that the growing demand for mobile content and the handset's role as a media channel will pave the way for faster deployment of 3G and High-Speed Downlink Packet Access technology. As part of that vision,...

Ericsson outlines 3G vision, plans $1B Chinese investment

L.M. Ericsson outlined its vision for third-generation evolution, saying that the growing demand for mobile content and the handset's role as a media channel will pave the way for faster deployment of 3G and High-Speed Downlink Packet Access technology. As part of that vision,...

Ericsson offers device configuration product

STOCKHOLM, Sweden-L.M. Ericsson released its new Automatic Device Configuration product, which the company said allows carriers to offer services targeted specifically for each user's handset."We see tremendous potential for services beyond voice," said Gunilla Fransson, Ericsson's service layer vice president. "Thanks to our active...