In this report: Albany Molecular Research (NASDAQ:AMRI), Flextronics International (NASDAQ:FLEX) and Magma Design Automation (NASDAQ:LAVA).
Albany Molecular Research (NASDAQ:AMRI) is trading over 1.7 percent lower today after the company announced that it would cut jobs in the current quarter in order to reduce its operating costs and become more efficient. The company said that it is expecting a pre-tax charge of around $5 million to $6 million in the fourth quarter related to lease termination and severance payments to axed employees. Albany Molecular Research will also terminate its lease on one of its U.S. facilities. The company said that the move are expected to save the company between $10 million and $11 million a year.
Flextronics International (NASDAQ:FLEX) is trading over 2.5 percent higher today after the company announced that its board of directors has approved a share repurchase program in addition to the $200 million plan that was approved on July 21st, 2011. $182 million of the company’s ordinary shares have already been purchased through the original plan as of December 22nd. The company stated ‘This new authorization permits the repurchase of the remaining balance of ordinary shares outstanding not to exceed the 10% limitation. There are approximately 43 million ordinary shares available for repurchase under both authorized plans as of the date of this release.’ Flextronics currently trades at $5.97 per share.
Magma Design Automation (NASDAQ:LAVA) shares are trading slightly lower today after the company received a downgrade by analysts at DA Davidson. The firm cut its rating on LAVA to ‘Neutral’ from ‘Buy’ with a $7.35 per share price target. The analyst cited the company’s recent acquisition offer from Synopsys (NASDAQ:SNPS) and that its is unlikely that a competing offer will be tabled.
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