Shares of Frontier Communications Corp (NASDAQ:FTR) ended Wednesday session in red amid volatile trading. The shares closed down -0.08 points or -1.90% at $4.13 with 45.24 million shares getting traded. Post opening the session at $4.21, the shares hit an intraday low of $4.07 and an intraday high of $4.29 and the price vacillated in this range throughout the day. The company has a market cap of $4.74 billion and the numbers of outstanding shares have been calculated to be 1.17 billion shares.
Frontier Communications Corp (FTR) on September 12, 2016 announced that R. Perley McBride will join the Company on September 12, 2016, and will become Executive Vice President and Chief Financial Officer following a transition period. Mr. McBride will succeed John Jureller, who is stepping down to pursue other opportunities.
Mr. McBride has over two decades of experience in financial roles in the communications industry, including more than a decade at Frontier earlier in his career, and was most recently CFO at Cable & Wireless Communications Plc.
Dan McCarthy, Frontier’s President and CEO, said, “We are very pleased to welcome Perley back to Frontier. Perley is a highly respected finance leader in the communications industry and has unique insight into our business as a result of his prior roles here. He has a successful track record of allocating capital to drive shareholder value, increasing efficiency, improving margins, and executing on strategic plans. Perley will play an integral part in attaining the financial targets we have set for Frontier, including achieving Adjusted Free Cash Flow in the range of $825 million to $900 million in 2016, Adjusted EBITDA in excess of $4 billion in 2017, as well as our expense synergy target of at least $1.25 billion.”
Mr. McBride said, “I am very excited to be rejoining Frontier at such a pivotal time in the Company’s history. Frontier has tremendous future opportunities and I look forward to being a part of Dan’s team as we seek to grow the business and achieve the substantial synergies and efficiencies made possible by Frontier’s substantially-increased scale.”
Mr. McCarthy added, “I would like to thank John Jureller for his many contributions during his four years with Frontier, a period that included two major acquisitions that more than doubled our size. I am pleased that John will stay on to ensure a seamless handoff, and we wish him well in his future endeavors.”
Shares of Microsoft Corporation (NASDAQ:MSFT) ended Wednesday session in green amid volatile trading. The shares closed up +0.95 points or 1.67% at $57.76 with 33.71 million shares getting traded. Post opening the session at $57.51, the shares hit an intraday low of $57.08 and an intraday high of $57.85 and the price vacillated in this range throughout the day. The company has a market cap of $449.15 billion and the numbers of outstanding shares have been calculated to be 7.79 billion shares.
Microsoft Corporation (MSFT) on Sept. 20, 2016 announced that its board of directors declared a quarterly dividend of $0.39 per share, reflecting a 3 cent or 8 percent increase over the previous quarter’s dividend. The dividend is payable December 8, 2016 to shareholders of record on November 17, 2016. The ex-dividend date will be November 15, 2016.
The board of directors also approved a new share repurchase program authorizing up to $40 billion in share repurchases. The new share repurchase program, which has no expiration date, may be terminated at any time. The company reaffirmed that it is on track to complete its current $40 billion stock repurchase program by December 31, 2016.