Shares of Atmel (ATML - Get Report) were among technology's winners Wednesday, jumping 11% after the chipmaker unveiled a restructuring plan that includes the sale of two European plants and job cuts.
Atmel said the restructuring plan should save the company $70 million to $80 million during 2007 and as much as $80 million to $95 million by 2008. Atmel is targeting job losses of about 1,300. "These initiatives follow a thorough analysis of the company's operations and strongest opportunities for growth," the company said. "While this decision was difficult given the company's many dedicated employees, these actions are essential to better position Atmel to compete and drive value for our shareholders." Atmel expects to take a restructuring charge of $200 million during the fourth quarter. Shares were trading up 58 cents to $5.86.
Tibco Software (TIBX - Get Report) shares rose 4% after the software company previewed better-than-expected fourth-quarter results. The company estimates earnings of 13 cents a share for the quarter ended Nov. 30, with revenue of $158 million. In September, Tibco forecast earnings of 11 cents a share and revenue of $140 million to $144 million. Analysts polled by Thomson First Call project earnings of 11 cents a share and revenue of $142.5 million. Tibco projects software license revenue of about $86 million, well above its previous estimate of $69 million to $73 million. Shares were adding 35 cents to $9.62.