Oracle offers to buy Sun
WSJ reports that IBM may offer about $10/sh to acquire Sun Microsystems.
Financial services sales lead the drop.
Sun and Fujitsu have released the newest line of SPARC enterprise servers. The new servers deliver almost 80% better performance for commercial applications and uses about 44% less energy per core.
Sun will cut between 1500 to 2500 jobs due to the US economic slowdown. Sun will incur between $130M and $220M in Q4 related to these job cuts.
On Nov 8, Sun announced that shareholders approved a 1 for 4 reverse stock split. The split took effect on November 12 and to reflect this, the company temporarily changed its ticker symbol from JAVA to JAVAD. This change will stay in place for 20 trading days.
Sun post net income of $473MM for the year, up significantly from lst year's negative earnings.
Sun announces $3B share repurchase
Even though Sun turned a proft, its revenue were lower than expected.
Sun announced a quarterly profit of $67 million, below expectations. The stock price dropped by 11% as a result of the announcement.
Berstein Research downgraded Sun's stock from "market perform" to "underperform," sending Sun's stock prices down by 4%.
Sun released second-quarter earnings, announcing that revenues have increased by 7% and that the company has turned a profit.