closed Chromatis Networks, its Israeli telecom equipment division, because of a change in corporate strategy. The unit, which was bought last year in a deal valued at $4.5 billion at the time, has laid off 140 employees.
examined the possibility that the division was on its last legs.
Earnings Reports & Warnings:
earned 37 cents a share in the fiscal fourth quarter, which was in line with Wall Street's expectations. The company, which said it remains comfortable with the current consensus earnings estimate for 2002, reported a bottom line of 35 cents in the year-ago period.
earned 22 cents a share in the fiscal second quarter, excluding one-time items, which matched the consensus estimate and beat the year-ago tally by a penny. The company also warned of low-single-digit declines in same-store sales for the remainder of the fiscal year.
Mergers, Acquisitions & Joint Ventures:
sent an open letter to
, urging the telecom company to begin negotiations on Alltel's proposed merger, valued at more than $5.8 billion. Alltel, which claims to have enthusiastic support from CenturyTel shareholders and the research analyst community, said CenturyTel stockholders would receive a choice of either $43 a share in cash, or 0.6934 Alltel shares.
Broadband communications company
and managed services provider
signed a five-year pact to offer managed Web services. Qwest said it expects the partnership to generate about $260 million of incremental service sales over the next five years.
named Greg Whalley president and chief operating officer. He previously held the same titles at the company's wholesale services division. Kenneth Lay resumed responsibilities as president and chief executive about two weeks ago following the resignation of Jeffrey Skilling. Also, Mark Frevert has been named vice chairman.
will divest its aerospace and specialty metals businesses in an attempt to accelerate its reduction of debt. The company said it expects to take a charge of $65 million in the third quarter.
named David Rosenthal financial chief, succeeding Dennis Swenson, who is retiring.