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In the news: Earnings season marches on, Yahoo plans

Monday headlines include: a dismal quarter from IBM, Halliburton and Valeant beating estimates, Sears raising $625 million and Yahoo planning to announce cost cuts.

International Business Machines

Tech giant International Business Machines (IBM) said Monday that it earned $3.68 per share on an adjusted basis in the most-recent quarter on revenue of $22.4 billion. Analysts had expected the company to earn $4.32 per share on $23.39 billion in revenue. The company also announced that it will pay Globalfoundries to take its chipmaking business. IBM will pay $1.5 billion to Global foundries over the next three years, but also took a $4.7 billion charge in the third quarter in connection with the business. Globalfoundries will also become the exclusive provider for server processors to IBM over the next 10 years.

Halliburton

Oil field services firm Halliburton (HAL) said Monday that it earned $1.41 per share in the third quarter, or $1.19 per share on an adjusted basis. Revenue was $8.7 billion. Analysts had expected the company to earn $1.10 per share on $8.5 billion in revenue.

Sears Holdings

Struggling retailer Sears Holdings (SHLD) is raising $625 million through a rights offering of $625 million in senior unsecured notes. The offering will allow shareholders, including chairman Edward Lampert's ESL Holdings to buy both the debt and warrants to buy shares of common stock. The company also said it reached a leasing deal with European fashion retailer Primark.

Valeant Pharmaceuticals

Drugmaker Valeant Pharmaceuticals (VRX) said Monday that it earned $2.11 per share in the third quarter, compared to estimates for $1.99 per share. For the full year, the company said it now expects to earn $8.22 per share to $8.32 per share, compared to a previous forecast for $7.90 per share to $8.10 per share.

Yahoo

Internet portal Yahoo (YHOO) is expected to make announcements on Tuesday of cost cutting efforts as well as details on how it is evaluating potential acquisitions. The company is facing increasing scrutiny from activist investors as its revenue growth has been sluggish and the company is flush with cash from the Alibaba IPO.

Bobby Raines

Bobby Raines is the Managing Editor of the Market Intelligence Center. He has degrees in Mass Communications and History from Emory & Henry College. Bobby worked at a mid-sized daily newspaper before making a switch to covering the financial industry full time in the years leading up to the financial crisis. He has been a member of the Fresh Brewed Media team since 2011 and has served as a writer and analyst. You can write to him at braines@marketintelligencecenter.com or follow him on Twitter: @BRatMICenter.