Shares of Cisco Systems, Inc. (NASDAQ: CSCO) slipped more than 2% after research firm Gleacher & Co. said that a massive workforce reduction would be announced at the company in several weeks. More than 5,000 jobs, or 7% of Cisco's headcount, would be affected, according to the report. The move would follow a series of changes the embattled Cisco has already made in an effort to streamline its operations, including cutting much of its consumer unit and reshuffling management.
Local.com Corp. (NASDAQ: LOCM) soared more than 10% after the company announced the acquisition of Screamin’ Media Group, Inc., which operates Screamin’ Daily Deals.
PDL BioPharma, Inc. (NASDAQ: PDLI) rallied more than 9% after the company announced a favorable ruling today, specifically, that on July 7, 2011, the Second Judicial District Court of Nevada ruled in favor of PDL on two motions to dismiss filed by Genentech and F. Hoffmann LaRoche, Ltd. in PDL's lawsuit related to the 2003 settlement agreement with Genentech. The court denied Genentech and Roche's motion to dismiss four of PDL's five claims for relief and, further, denied Roche's separate motion to dismiss for lack of personal jurisdiction. The court dismissed one of PDL's claims that Genentech committed a bad-faith breach of the covenant of good faith and fair dealing stating that, based on the current state of the pleadings, no "special relationship" had been established between Genentech and PDL as required under Nevada law.
Fabrinet (NASDAQ: FN) slumped more than 7% Monday after Oclaro Inc. (NASDAQ:
OCLR) delivered a notice to the maker of optical telecommunications equipment to terminate a supply agreement, according to a regulatory filing.
Kandi Technologies, Corp. (NASDAQ: KNDI) surged more than 18% after the company announced the signing of a strategic cooperation agreement with Hangzhou Electric Vehicle Service Co., Ltd., effective July 5, 2011. Hangzhou Electric Vehicle Service Co., a professional service company affiliate of State Grid Corporation, is assisting the local municipal government in launching the 20,000 pure electric vehicle pilot program for Hangzhou consumers through the end of 2012. Hangzhou Electric Vehicle Service Co. also manages the local State Grid "Express Change" battery service network.
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