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SAN FRANCISCO Lexmark International Inc. on Tuesday saw its shares rise by almost $ 1, or 4.5%, to $ 22.60 after the printing technology company reported better-than-expected third-quarter results. Before the market opened, Lexmark said that for the quarter ended it broke even, on revenue of $ 919.2 million, compared with a profit of $ 67 million, or 86 cents a share, on $ 1.03 billion in sales in the same period a year ago. Excluding one-time items, Lexmark would have earned 94 cents a share. Analysts surveyed by FactSet had forecast Lexmark to earn 78 cents a share, on $ 912 million in revenue, for the quarter ended [...]

SAN FRANCISCO Tech stocks put in a mixed early trading performance Tuesday, with Lexmark International Inc. in the spotlight. Lexmark shares rose almost 13%, to $ 21.43, after the company said it would exit the inkjet printer business and cut 1,700 jobs. Decliners included chip-equipment maker KLA-Tencor Corp. and online-review company Yelp Inc. . KLA shares fell as much as 5% after Deutsche Bank cut its rating on the company to sell from hold, while Yelp was off by 3.5%, at $ 18.35 a share one day ahead of the expiration of the lockup period for insider shareholders to sell [...]

Attempting to improve profitability and further shift toward laser printers, Lexmark (LXK) disclosed plans on Tuesday to exit its inkjet printer business and slash 1,700 jobs. Shares of the printing and document company dipped about 2% after the announcement, which included plans to buy back additional shares. As part of its effort to exit the inkjet business, Lexmark said it plans to close a manufacturing facility in Cebu, Philippines by the end of 2015. The restructuring efforts are expected to result in the elimination of about 1,700 jobs around the world, including 1,100 manufacturing positions. The job cuts represent about [...]

TEL AVIV Lexmark International Inc., the Lexington, Ky., producer of printing and imaging equipment, on Tuesday announced a restructuring that will close a plant in the Philippines and cut 1,700 jobs worldwide. Lexmark said that it would exit its remaining inkjet-hardware business, a move that will save $ 95 million a year once it is fully implemented. Lexmark estimated the pretax cost of the restructuring at $ 160 million. The company said it would continue to service and support its installed base of inkjet printers. It will close a plant at Cebu, Philippines, which produces inkjet supplies. And the company [...]

Shares of Lexmark (LXK) plunged 15% Friday morning after the struggling printer maker took an axe to its second-quarter guidance due to turmoil in Europe. Joining a number of companies citing Europe for lowered expectations, Lexington, Ky.-based Lexmark warned its second-quarter revenue is expected to slump 12%, compared with its earlier call for a more modest decline of 7% to 9%. Lexmark is also now calling for second-quarter EPS of 53 cents to 55 cents, down from 65 cents to 75 cents previously. On a non-GAAP basis, management is downgraded its EPS view to 87 cents to 89 cents from [...]