Ahead Of The Bell: Plantronics Upgraded

NEW YORK (AP) — A Morgan Keegan & Co. analyst upgraded Plantronics Inc. Friday after the headset maker announced that it will shutter a manufacturing plant in China and cut almost 700 jobs.

In a client note, Morgan Keegan analyst Tavis C. McCourt raised his rating to "Outperform" from "Market Perform." He said he thinks the company's management is working to improve Plantronics' cost structure and he is increasingly confident that its profitability and cash glow generation will improve in upcoming quarters.

Santa Cruz, Calif.-based Plantronics said late Thursday that it will outsource production of its Bluetooth headsets to GoerTek Inc., a current supplier in China, and close its manufacturing facility in Suzhou, China. The plan will result in the company cutting about 670 jobs, Plantronics said. ...