Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
$GOOGL $GOOG intends to use cash primarily to support organic growth. The stock repurchase program has been extended to 8.6Bil more Class-C shares. The primary areas of investment will be machine learning, Cloud, Search and YouTube. In 4Q17, the company forged partnerships with Cisco, Salesforce and SAP for Cloud, G-Suite and Analytics services.
$GOOGL $GOOG said it expects traffic acquisition costs to continue to increase in near term, reflecting the growing strength in mobile search. In 2Q18, products of home gadget division Nest were launched in 12 new countries. During the quarter, Waymo, the fleet of fully-automated self-driving cars, surpassed 4MM miles of driving on public roads.
Search service giant $GOOG $GOOGL incurred a heavy tax-related charge in 4Q17, and slipped into the negative territory. Contrary to expectations, Alphabet reported a loss of $4.35 per share, triggering a sharp fall in the stock price. Strong advertisement revenues lifted the topline by 24%. Other Bets remained in loss, despite a rise in revenues.
$SSNC agreed to buy $DST in an all-cash transaction for $84 per share plus assumption of debt, equating to an enterprise value of about $5.4Bil. $SSNC plans to fund the acquisition and refinance existing debt with a combination of debt and equity. Both $SSNC's and $DST's BoD have approved the transaction, and it is expected to close by 3Q18.
$AKAM announced the appointment of Fari Ebrahimi as SVP and Chief Information Officer, effective immediately. Mr. Ebrahimi succeeds Kumud Kalia and he will report to CEO Dr. Tom Leighton. Mr. Ebrahimi joins $AKAM from Avaya. He will be based in $AKAM’s corporate headquarters in Cambridge, Massachusetts.
$MSFT to acquire Pittsburgh-based data storage firm Avere Systems. The transaction terms were not disclosed. Microsoft believes that the addition of Avere Systems will add value to its cloud computing platform Azure and its customers. In March 2017, Avere closed a $14MM Series E funding in which $GOOG was one of the investors.
“Eric Schmidt, Executive Chairman of the board of directors of $GOOG $GOOGL, has decided to step down. He will take up the role of Technical Advisor to the firm. Schmidt, who has been serving Alphabet for the past 17 years, will continue to serve on its Board. It is expected that the Board will appoint a non-executive chairman at the next meeting.”
$SAIC said the Audit Committee of its BoD approved Ernst & Young LLP as its independent registered public accounting firm for FY19, replacing Deloitte & Touche LLP. This follows a formal competitive review of several independent registered public accounting firms.
$ETFC said net new brokerage assets were $1.5Bil in November, 2017. During the month, customer security holdings increased by $6.8Bil, and brokerage-related cash increased by $0.3Bil to $53.1Bil. Customer margin balances increased $0.5Bil, ending the month at $8.9Bil. Customers were net buyers of approx. $1.6Bil in securities during the month.