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India’s Infosys jumps on upbeat forecasts, buyback plans By Reuters

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© Reuters. FILE PHOTO: An employee walks past a sign board at the Infosys campus in the IT district of Electronics City in Bangalore, February 28, 2012. REUTERS/Vivek Prakash/File Photo

BENGALURU (Reuters) – Shares of Indian information technology company Infosys (NYSE:) Ltd rose as much as 4.6 percent to a one-month high on Friday after it raised revenue forecasts and announced a $1.13 billion share buyback.

The Bengaluru-based company now expects revenue growth of 15%-16% in the fiscal year ending in March, compared to 14%-16% previously.

It reported a better-than-expected 11% increase in second-quarter earnings from strong margin expansion and outsourcing order profit.

Shares posted their biggest intraday percentage gain since May 30.

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(1 dollar = 82.2240 Indian rupees)

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Biotech tells Citadel Securities that other major traders manipulated its share price

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In a new lawsuit, Northwest Biotherapeutics has accused the market maker of illegal “spoofing” orders.

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Dollar general stocks plunge as expectations drop

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The stock fell sharply Thursday after the discount retailer reported a rare fiasco, and its fourth-quarter financial outlook fell short of Wall Street estimates.

The company said fourth-quarter earnings will range between $3.15 and $3.30 per share. Analysts tracked by FactSet had expected earnings of $3.66 per share in the fourth quarter. Forecasts call for growth of 7% to 8% for the fiscal year versus previous forecasts for growth of 12% to 14%.

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Altice USA maintains Suddenlink business after strategic review by Reuters

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© Reuters. FILE PHOTO: The logo of cable and mobile communications company Altice Group is seen during a news conference in Paris, France, March 21, 2017. REUTERS/Philippe Wageser/File Photo

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(Reuters) – The broadband operator said Thursday that Altice USA Inc will retain its regional internet and cable business, Suddenlink, after a strategic review.

A source told Reuters in July that the company, which is controlled by French-Israeli telecom tycoon Patrick Drahi, has hired Goldman Sachs to manage the divestment, and the company is likely to generate $20 billion including debt.

Altice shares were down about 4% in pre-bell trade.

Altice acquired Suddenlink, which primarily serves customers in the south central US, for $9.1 billion in 2015 and renamed it to “Optimum” in August.

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The company was exploring selling Suddenlink to reduce its debt burden amid strong competition and subscriber losses. Altice, which has a market capitalization of about $2 billion, has a long-term debt of about $24 billion.

The stock has lost nearly half its value since reports emerged of the company exploring a sale of the unit.

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