mlkrborn
12 years ago
Tellabs Shares Drop After Forecast Misses Estimates: WORST THAN ERALIER REPORT. $2.16
By Niamh Ring - Feb 1, 2013 9:36 AM ET
Tellabs Inc. (TLAB) fell to a 20-year low after forecasting first-quarter revenue that trailed analystsβ estimates and announcing a plan to discontinue its 9200 routing product and cut expenses.
Tellabs dropped 5.5 percent to $2.16 at 9:34 a.m. in New York, the lowest price since August 1993. The stock tumbled 44 percent last year while the S&P Midcap Information Technology Sector Index advanced 15 percent.
The company, which introduced the network-routing platform 9200 in 2011, said yesterday that it will be discontinued this year. Cutting expenses will affect about 300 positions, according to a statement from the Naperville, Illinois-based company, which according to its website employs about 2,600.
βOver the last quarter, Tellabs initiated a review of its strategy, product portfolio and cost structure,β Chief Executive Officer Dan Kelly said in the statement. The company plans to βdemonstrate new software-defined networking and self- optimizing networks capabilities at Mobile World Congress in February,β he said.
The company forecast first-quarter revenue of $205 million to $220 million. That compared with an average analyst estimate of $238.9 million, according to data compiled by Bloomberg.
To contact the reporter on this story: Niamh Ring in New York at nring@bloomberg.net
To contact the editor responsible for this story: Kevin Miller at kmiller@bloomberg.n
stripus
12 years ago
13-Dec-2012
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 12, 2012, Tellabs, Inc. (the "Company") appointed two new directors to its Board, Dennis (Denny) F. Strigl and Mikel H. Williams, effective immediately.
Mr. Strigl, (66), was the President and Chief Operating Officer (COO) of Verizon Communications from January 2007 through December 2009 and prior to that was the President and Chief Executive Officer (CEO) of Verizon Wireless since its formation in April 2000. Previously, Mr. Strigl served as President and CEO of Bell Atlantic Mobile, Group President and CEO of the Global Wireless Group of Bell Atlantic, Vice President of Operations and COO of Bell Atlantic New Jersey, Inc. (formerly New Jersey Bell Telephone Company) and served on its Board of Directors. He also served as President and CEO of Applied Data Research, Inc. Mr. Strigl currently serves on the board of directors of ANADIGICS, Inc., PNC Financial Services Group, PNC Bank and Eastman Kodak Company. Mr. Strigl holds an undergraduate degree in Business Administration and a doctorate in Humane Letters from Canisius College and an M.B.A. from Fairleigh Dickinson University.
Mr. Williams, (56), served as President and CEO of DDi Corp. from November 2005 through its acquisition by Viasystems Group, Inc. on May 31, 2012. From November 2004 to October 2005, Mr. Williams served as Senior Vice President and Chief Financial Officer (CFO) of DDi. Previously, Mr. Williams served as the sole member of Constellation Management Group, LLC providing strategic, operational and financial/capital advisory consulting services to companies in the telecom, software and high-tech industries from May to November 2004; and as COO of LNG Holdings, a European telecommunications company where he oversaw the restructuring and sale of the business from June 2002 to December 2003. Prior to that, Mr. Williams held a number of executive positions with Global TeleSystems, Inc. and its subsidiaries, a leading telecommunications company providing data and internet services in Europe. Mr. Williams began his career as a certified public accountant with Price Waterhouse. Mr. Williams currently serves on the board of directors of Interis, Inc., Lightbridge Communications Corporation and IPC electronics industry association. Mr. Williams holds an M.B.A. from Georgetown University and a B.S. from the University of Maryland.
Mr. Williams' appointment fulfills Tellabs previously announced agreement with Dialectic Capital Management, LLC, to appoint a new director by December 31, 2012, as more fully described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on April 6, 2012. Messrs. Strigl and Williams do not have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Mr. Williams will be a Class III director up for reelection at the 2013 Annual Stockholders Meeting, and Mr. Strigl will be a Class II director up for reelection at the 2015 Annual Stockholders Meeting. Mr. Strigl and Mr. Williams will be eligible to receive compensation for their services as directors consistent with that provided to the Company's other non-employee directors, as previously disclosed in the Company's definitive proxy statement filed with the SEC on April 6, 2012.
Pedro2004
12 years ago
LOL ... was I off on this one.
This morning I couldn't understand what was happening.
But now I know.
The Ex-date on the dividend was not today -- it is on Dec 24
UPDATE: Tellabs's Early Stock Trading Roiled by Dividend-Date Confusion
Last update: 12/12/2012 7:50:30 PM
By Matt Jarzemsky and Ben Fox Rubin
Confusion about a special dividend being paid by Tellabs Inc. (TLAB) sparked stock swings in heavy premarket trading of the company's shares Wednesday.
Traders said some market participants likely mistook Wednesday for the so-called ex-dividend date. Prior to the ex-dividend date, shareholders in Tellabs, which is listed on the Nasdaq Stock Market, are eligible to receive a recently announced $1-a-share, one-time payout. Buyers of the stock on or after that day aren't eligible.
Dec. 24 is the ex-dividend date, according to Nasdaq OMX Group Inc. (NDAQ). That's because Tellabs's $1-a-share payout is greater than 25% of the recent value of the stock, making it subject to a special rule that allows investors to remain eligible up until the date the dividend is paid.
But traders said some market-data providers indicated Wednesday was the ex-dividend date. Several news outlets distributed the erroneous information, causing confusion in premarket trading, said Tom Scottino, Tellabs's senior investor-relations manager.
Typically, a stock goes "ex-dividend" at a predetermined time before the day the company distributes the payments.
In a late-November press release about its dividend, Tellabs had said shareholders of record as of Dec. 14 would be eligible. Because trades take three days to settle, that would have made Dec. 12 the ex-dividend date had the rule about large dividends not been enforced.
"A bunch of people had assumed you had to buy the shares before the 12th [to be eligible for the payout], and Nasdaq had originally advertised that you had to buy the shares before the 12th," Mr. Scottino said.
A Nasdaq spokesman declined to provide details on the company's efforts to alert market participants to the dividend's timing.
Nasdaq did alert market participants the ex-dividend date is the 24th on Tuesday, using its Daily List product, a feed of information on new listings, dividends and other corporate actions that Nasdaq offers for a fee, the exchange group said in a note to customers Wednesday afternoon.
Reaching the ex-dividend date could drive a stock price down, as shares thought no longer to convey the rights to the payout would be less valuable.
Tellabs stock dropped to as low as $2.35 in premarket trading, down 30% from its previous closing price, before rebounding, according to FactSet. Stock exchanges reviewed some trades for potential cancellation but ultimately let them stand.
"A lot of the data sites still had the ex-dividend date listed as today," said Larry Peruzzi, managing director at Chicago brokerage Cabrera Capital. "People, preopen and shortly after the open, were trading on the belief that this thing should have been trading down, because they thought it was ex-dividend, and it wasn't."
Shares of Tellabs, a networking-equipment company, fell 0.9% to $3.32 Wednesday.
Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com and Ben Fox Rubin at ben.rubin@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 12, 2012 19:50 ET (00:50 GMT)
detearing
12 years ago
I spoke with Fidelity and they said you can still buy up until Dec. 24th and still get the dividend; however, do you own dd as this stock is majorly screwed up in terms of getting accurate information to the investors.
Tellabs's Early Stock Trading Roiled by Dividend-Date Confusion 12/12 10:29 AM
--------------------------------------------------------------------------------
Confusion about a special dividend being paid by Tellabs Inc. (TLAB:$3.32,00$-0.03,00-0.90%) sparked stock swings in heavy premarket trading of the company's shares Wednesday.
Traders said some market participants likely mistook Wednesday for the so- called ex-dividend date. Prior to the ex-dividend date, shareholders are eligible to receive a recently announced $1-a-share, one-time payout. Buyers of the stock on or after that day aren't eligible.
Dec. 24 is the ex-dividend date, according to Nasdaq OMX Group Inc. (NDAQ:$24.31,00$0.88,003.76%) . But traders said some market-data providers indicated Wednesday was the ex- dividend date. Several news outlets distributed the erroneous information, causing confusion in premarket trading, said Tom Scottino, Tellabs's (TLAB:$3.32,00$-0.03,00-0.90%) senior investor-relations manager.
Typically, a stock goes "ex-dividend" two days before the dividend is paid. But the size of Tellabs's (TLAB:$3.32,00$-0.03,00-0.90%) payment makes it subject to a special rule that allows investors to remain eligible up until the date the dividend is paid.
Reaching the ex-dividend date could drive a stock price down, as shares thought no longer to convey the rights to the payout would be less valuable.
Tellabs (TLAB:$3.32,00$-0.03,00-0.90%) shares dropped to as low as $2.35 in premarket trading, down 30% from its previous closing price, before rebounding, according to FactSet. Stock exchanges reviewed some trades for potential cancellation but ultimately let them stand.
"A lot of the data sites still had the ex-dividend date listed as today," said Larry Peruzzi, managing director at Chicago brokerage Cabrera Capital. "People, preopen and shortly after the open, were trading on the belief that this thing should have been trading down, because they thought it was ex-dividend, and it wasn't."
Under an exchange rule, the ex-dividend date for large payouts--those representing 25% or more of the value of the underlying security--is the first business day after the company has scheduled to send the payments. Tellabs's (TLAB:$3.32,00$-0.03,00-0.90%) special dividend applies, as its payout is $1 a share, and its stock has traded around $3 in recent weeks.
Tellabs (TLAB:$3.32,00$-0.03,00-0.90%) shares were down 0.3% at $3.34 in early afternoon trading.
Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com and Ben Fox Rubin at ben.rubin@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
12-12-121329ET
Copyright (c) 2012 Dow Jones & Company, Inc.
Opex
14 years ago
Date Title
4/26/2011 0730 am CT Q1 2011 Tellabs Earnings Conference call
07/26/2011 0730 am CT Q2 2011 Tellabs Earnings Conference call
10/25/2011 0730 am CT Q3 2011 Tellabs Earnings Conference call
Holders of Tlab, good info to know
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