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ERIC

Ericsson

$7.17

-0.04 (-0.55%)

05:53
10/04/16
10/04
05:53
10/04/16
05:53

Ericsson cutting 3,900 jobs in Sweden in cost and efficiency program

Ericsson announces measures intended to be implemented in Sweden, in line with the ongoing cost and efficiency program. The proposed actions primarily impact production, but also parts of R&D as well as group and support functions. Ericsson today has approximately 16,000 employees in Sweden. The proposed reduction affects approximately 3,000 positions, of which approximately 1,000 positions in production, approximately 800 in R&D and approximately 1,200 in other operations. The proposed reductions will impact operations on the following sites in Sweden: Borundefineds, Goteborg, Karlskrona, Kumla, Linkoping and Stockholm. Ericsson intends to make significant reductions of operations in Borundefineds and Kumla. The proposed reductions are intended to be met through a combination of voluntary and forced reductions as well as other alternatives such as outsourcing. Ericsson will also make general cost reductions and take out external costs, primarily by reducing the number of consultants in Sweden by 900, but also through general reductions in operating expenses. Union consultations on the proposed changes in Sweden are ongoing. The process will have a step by step approach and, for the majority of the operations, is expected to be concluded during the first quarter of 2017. The process related to the operations in Borundefineds and Kumla is expected to be concluded during the second half of 2017. Ericsson intends to continue the discussions with the Swedish union representatives about the need for competence development, flexibility and transformation.

ERIC Ericsson
$7.17

-0.04 (-0.55%)

07/21/16
UBSW
07/21/16
DOWNGRADE
UBSW
Neutral
Ericsson downgraded to Neutral at UBS
As reported previously, UBS downgraded Ericsson to Neutral from Buy. The firm cited a lack of revenue stabilization in Q2 and little management commentary stating it would change. UBS also cited negative industry trends, which will provide a structural headwind. leaving the firm seeing cost cutting as the only way of generating solid returns.
07/21/16
07/21/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Navient (NAVI) downgraded to Neutral from Buy at Goldman with analyst Eric Beardsley saying the risk/reward is more balanced at current share levels. 2. Ericsson (ERIC) downgraded to Neutral from Buy at UBS with the firm citing a lack of revenue stabilization in the second quarter and little management commentary stating it would change. 3. Graco (GGG) downgraded to Market Perform from Outperform at William Blair with analyst Nicholas Heymann citing the company's transition after it cut its fiscal 2016 organic growth view. 4. ASML (ASML) downgraded to Neutral from Buy at UBS with analyst Gareth Jenkins stating he thinks ASML shares are now discounting some of the recent positive developments on EUV lithography following a 28% rally since January. 5. Boardwalk Pipeline (BWP) downgraded to Neutral from Buy at Ladenburg. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/26/16
FBCO
09/26/16
UPGRADE
Target $6.4
FBCO
Neutral
Ericsson upgraded to Neutral from Underperform at Credit Suisse
Credit Suisse analyst Achal Sultania upgraded Ericsson to Neutral saying the worst is behind the company with capex declines moderating. The analyst has a $6.40 price target for the shares.
09/26/16
09/26/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. AT&T (T) upgraded to Hold from Reduce at HSBC. 2. Potash (POT) upgraded to Positive from Neutral at Susquehanna with analyst Don Carson citing expected benefits from the company's proposed merger with Agrium (AGU), which he sees as having relatively low antitrust risk compared to the other mega-mergers being pursued in the Ag space. 3. Oshkosh (OSK) upgraded to Overweight from Neutral at JPMorgan and to Neutral from Underperform at Credit Suisse. 4. Marriott (MAR) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Thomas Allen citing strong unit growth. 5. NetApp (NTAP) upgraded to Buy from Hold at Cross Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

ANET

Arista Networks

$94.41

-1.35 (-1.41%)

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TKTDY

Takata Corporation

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0.05 (0.47%)

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DV

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CSOD

Cornerstone OnDemand

$39.10

-0.11 (-0.28%)

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CVM

CEL-SCI

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XOM

Exxon Mobil

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0.68 (0.77%)

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FUL

H.B. Fuller

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BIIB

Biogen

$287.77

-1.77 (-0.61%)

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SNY

Sanofi

$40.40

0.63 (1.58%)

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Sanofi to lay off 20% of U.S. diabetes, cardiovascular staff, Bloomberg says »

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  • 29

    Mar

CSOD

Cornerstone OnDemand

$39.10

-0.11 (-0.28%)

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TACO

Del Taco

$14.75

-0.39 (-2.58%)

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  • 09

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UNVR

Univar

$26.36

0.54 (2.09%)

, BXLT

Baxalta

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BXLT

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PARN

Parnell

$1.42

-0.0031 (-0.22%)

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BSX

Boston Scientific

$20.81

0.2 (0.97%)

, NVRO

Nevro

$76.38

-1.88 (-2.40%)

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Boston Scientific

$20.81

0.2 (0.97%)

NVRO

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$76.38

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RTN

Raytheon

$146.30

0.14 (0.10%)

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CX

CEMEX

$8.77

-0.16 (-1.79%)

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PDEX

PRO-DEX

$4.48

0.034 (0.76%)

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PFBX

Peoples Financial

$14.50

-0.5 (-3.33%)

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QUIK

QuickLogic

$0.94

-0.0163 (-1.71%)

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STRZA

Starz

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BEL

Belmond

16:55
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Breaking Syndicate news story on Belmond »

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PARN

Parnell

$1.42

-0.0031 (-0.22%)

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MS

Morgan Stanley

$43.73

0.15 (0.34%)

, SHAK

Shake Shack

$38.08

0.82 (2.20%)

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MS

Morgan Stanley

$43.73

0.15 (0.34%)

SHAK

Shake Shack

$38.08

0.82 (2.20%)

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  • 09

    Jan

MS

Morgan Stanley

$43.73

0.15 (0.34%)

, LXFT

Luxoft

$54.40

-1.8 (-3.20%)

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MS

Morgan Stanley

$43.73

0.15 (0.34%)

LXFT

Luxoft

$54.40

-1.8 (-3.20%)

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FUL

H.B. Fuller

$50.36

0.05 (0.10%)

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