Shares of Flextronics International Ltd. (NASDAQ:FLEX) ended Monday session in green amid volatile trading. The shares closed up +0.04 points or 0.32% at $12.64 with 3.87 million shares getting traded. Post opening the session at $12.51, the shares hit an intraday low of $12.41 and an intraday high of $12.67 and the price vacillated in this range throughout the day. The company has a market cap of $6.66 billion and the numbers of outstanding shares have been calculated to be 546.16 million shares.
Flextronics International Ltd. (FLEX) on Sept. 12, 2016 announced that Scott Offer has been appointed General Counsel.
Offer is a highly accomplished legal executive who has been instrumental in major recent transformations of global tech companies and the mobile industry.
Most recently, Offer served as Senior Vice President and General Counsel at Lenovo, and was responsible for the company’s overall legal strategy, leading a team of legal professionals across 15 countries, negotiating all strategic deals, managing the global intellectual property and litigation portfolios, and maintaining legal compliance.
Prior to Lenovo, he served as Senior Vice President and Chief Counsel for Motorola Mobility, a Google company, and before that, Motorola, where he spearheaded numerous strategic global initiatives, including taking Motorola Mobility public in 2011. Offer is well-known for leading legal efforts around mergers and acquisitions – including the acquisitions of Motorola Mobility by Google and Lenovo – and driving strategy around a wide range of intellectual property and regulatory issues worldwide. Prior to joining Motorola, he worked for law firm Boodle Hatfield and Royal Dutch Shell plc.
Mike McNamara, Flex CEO, said, “We are thrilled to welcome a general counsel of Scott’s caliber and reputation to our executive team as we continue to elevate the Company and solidify our position as the Sketch-to-Scale solutions provider in the Age of Intelligence.”
Shares of Western Digital Corp (NASDAQ:WDC) ended Monday session in green amid volatile trading. The shares closed up +0.72 points or 1.40% at $52.31 with 6.53 million shares getting traded. Post opening the session at $51.00, the shares hit an intraday low of $50.10 and an intraday high of $52.53 and the price vacillated in this range throughout the day. The company has a market cap of $14.35 billion and the numbers of outstanding shares have been calculated to be 284.26 million shares.
On September 8, 2016 Western Digital Corp (WDC) updated its expectations for the first fiscal quarter of 2017 ending Sept. 30, 2016. Following the recent acquisition of SanDisk and the continued progress in integrating its WD and HGST subsidiaries, the company is addressing a larger number of customers with a broader portfolio of hard drive and flash storage products, leading to a better-than-expected product mix.
Enabled by ongoing strong execution, the company now expects its first quarter revenue to be in the range of $4.45 billion to $4.55 billion compared to its earlier forecast of $4.4 billion to $4.5 billion. Non-GAAP gross margin is expected to be approximately 33%, versus the earlier forecast of 32%, due to the improved mix and pricing. Non-GAAP operating expenses are expected to be approximately $905 million, versus the earlier forecast of $875 million, reflecting higher incentive compensation due to the stronger business performance. Net interest expense is forecasted to be lower than previously expected due to the recently completed re-pricing of the company’s U.S. Term Loan B debt. The company now expects first quarter EPS, on a non-GAAP basis to be in the range of $1.00 to $1.05, compared with its earlier forecast range of $0.85 to $0.90. The company will report its full results for the first fiscal quarter in late October.