Juniper Networks Inc., bowing to pressure from activist hedge funds Elliott Management Corp. and Jana Partners LLC, announced plans to return at least $3 billion to shareholders and cut $160 million in expenses.
Juniper Networks Inc. forecast revenue for the current quarter that may miss analyst estimates and is cutting 3 percent of its workforce, indicating that demand for telecommunications equipment remains inconsistent even though mobile-Internet traffic is surging.
National Basketball Association Commissioner David Stern and a group of suitors assembled by Sacramento Mayor Kevin Johnson will try to persuade the Maloof family to complete a sale of the Kings within the next few days.
The deadline for the Sacramento Kings to apply to move to Anaheim, California, was extended to May 2 as the National Basketball Association gathers more facts about both locations, NBA Commissioner David Stern said.
Mark Mastrov, the founder of 24 Hour Fitness Worldwide Inc., will submit a bid to the National Basketball Association today to buy the Kings and keep the franchise in Sacramento, the city’s Mayor Kevin Johnson said.