Apple merger rumors fuel heavy trading; Sun Microsystems falls after being named as possible partner

Article Abstract:

Apple shares enjoyed a brief gain after rumors of a takeover by Sun Microsystems, but they fell again after Apple executives stated that the company is not for sale. During regular trading hours on Jan 23, 1996, Apple stock gained as much as $3.50 and closed at $31.625, but after-hours trading saw the stock fall to $30.125. On the same day, Sun Microsystems' shares dropped to $44.125, down $4.438, as investors registered their disapproval of the prospective match. Sun is one of many companies that have been identified as potential buyers, but many believe the two companies' cultures are incompatible. Apple produces its own goods and sells them through retailers, while Sun uses contractors to complete most of its production and distributes through a direct sales force. Apple's statement came during a shareholder meeting in which the company reaffirmed its support for CEO Michael Spindler.

Mergers, acquisitions and divestments, Sun Microsystems Inc., SUNW, Company Acquisition/Merger

---

Some shifts at Apple, but no layoffs or deals yet

Article Abstract:

Apple is reorganizing its executive framework, but has not stated any plans to sell off units or layoff employees. Apple co-founders, Stephen Wozniak and Steven P. Jobs have joined the floundering company's executive committee, a surprise move by Wozniak and a larger commitment than analysts expected for Jobs. The two will become advisers to Apple Chmn and CEO Gilbert F. Amelio. The reorganization is seen as a power shift and has surprised both investors and analysts who assumed a company-wide restructuring would be announced previous to the annual shareholders meeting on Feb 5, 1997. Apple's shares have fallen 93.75 cents in Nasdaq trading, reaching a new low of $15.375.

Officials and employees, Appointments, resignations and dismissals, Reorganization and restructuring, Jobs, Steven, Wozniak, Steve, Company Restructuring/Company Reorganization

---

Similar abstracts:

• Abstracts: Judge rules Gates must give deposition in public. U.S. and Microsoft to talk before possible showdown

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.