Tech Stocks Indications= Vodafone Group Plc (VOD), Corning Incorporated (GLW)
Shares of Vodafone Group Plc (ADR) (NASDAQ:VOD) ended Wednesday session in red amid volatile trading. The shares closed down -0.20 points or -0.68% at $29.10 with 3.87 million shares getting traded. Post opening the session at $29.16, the shares hit an intraday low of $28.99 and an intraday high of $29.21 and the price vacillated in this range throughout the day. The company has a market cap of $77.61 billion and the numbers of outstanding shares have been calculated to be 26.56 billion shares.
Vodafone Group Plc (ADR) (VOD) and Liberty Global plc (NASDAQ: LBTYA, LBTYB and LBTYK) welcomed the conditional clearance by the European Commission of the two companies’ proposed merger of their operating businesses in the Netherlands to form a 50:50 joint venture.
Following its Phase I investigation, the European Commission concluded that the transaction, as modified by the commitments offered by the parties, does not raise any competition concerns.
The commitments entail a divestment of Vodafone Netherlands’ consumer fixed business, prior to closing of the proposed merger of the two companies’ Dutch operations. This represents a structural remedy offered by the parties to address any concerns regarding the overlap between the fixed telecoms and TV activities of Vodafone and Ziggo in the Netherlands. Having already received a number of expressions of interest, the parties will now proceed with the sale process.
Vodafone Netherlands’ consumer fixed business has a customer base of more than 120,000 with a high triple-play penetration rate. The divestment could potentially also include MVNO access subject to agreement on commercial terms.
Shares of Corning Incorporated (NYSE:GLW) ended Wednesday session in green amid volatile trading. The shares closed up +0.39 points or 1.67% at $23.80 with 8.36 million shares getting traded. Post opening the session at $23.51, the shares hit an intraday low of $23.51 and an intraday high of $23.89 and the price vacillated in this range throughout the day. The company has a market cap of $24.42 billion and the numbers of outstanding shares have been calculated to be 1.04 billion shares.
The Board of Directors of Corning Incorporated (GLW) declared a $0.135 per share ($0.54 per share on an annual basis) quarterly dividend on the company`s common stock. The dividend will be payable on December 15, 2016 to holders of record on November 17, 2016.