In the news this morning, Best Buy gets it buyout offer, a government agency will test the Blackberry 10, Barclays will cut up to 2,000 jobs from its investment banking business, Google Maps return to the iPhone and weak outlooks from MetLife and Ciena.
The long-awaited buyout offer from company founder Richard Schulze may finally be here according to media reports. The buyout price is reported to be from $5 billion to $6 billion. Schulze and private-equity firms Cerberus Capital Management, Leonard Green & Partners and the Texas Pacific Group reportedly have a deadline of this weekend to finalize a deal.
Research in Motion
The company said the U.S. Immigration and Customs Enforcement agency will begin a pilot program to test the new BlackBerry 10 and BlackBerry Enterprise Service 10. ICE said in October that it was moving away from BlackBerry because the aging devices no longer met its needs. Research in Motion (RIMM) hopes the BlackBerry 10 can reverse its fortunes as the one-time leader in smart phones has lost significant ground in recent years.
Barclays plc (BCS) could cut up to 2,000 jobs as part of a restructuring of its investment bank the Wall Street Journal reported Thursday morning. The cuts are likely to be mostly in Asia and Europe and are part of a broader restructuring of the company.
The Apple (AAPL) Maps saga may be over as a new Google (GOOG) mapping app for the iPhone was released late Wednesday.
Snoopy's Christmas may be a little less merry this year after MetLife (MET) warned that it expects to earn from $4.95 per share to $5.35 per share in 2013, compared to a mean analyst estimate for $5.47 per share. For 2012, the company expects to earn between $5.15 per share to $5.25 per share, compared to a mean estimate for $5.25. The company warned that persistently low interest rates will negatively impact results, which enhance the company's need to accelerate its strategic plans. The company moved closer to one part of that plan Wednesday when the Office of the Comptroller of the Currency approved the sale of the company's deposit-taking business to a unit of General Electric (GE) Capital.
The network equipment maker reported an adjusted net loss of 7 cent per share on revenue of $465.5 million. Analysts had expected an adjusted net loss of 6 cents per share on revenue of $468.3 million. For the first quarter Ciena (CIEN) said it expects revenue of $435 million to $460 million, compared to analysts' estimates for $458.6 million.