DJIA Week in Review: Home Depot Faces Strike, JPM Sanctioned by Regulators
Here’s your Cheat Sheet to the week in Dow 30 business news:
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Chevron Corporation’s (NYSE:CVX) indirect Canadian subsidiary, Chevron Canada Limited, will purchase a 50 percent operating interest in the Kitimat liquefied natural gas project and proposed Pacific Trail Pipeline, along with a 50 percent stake in roughly 644,000 acres of petroleum and natural gas rights in the Horn River and Liard Basins in British Columbia. Through the terms, Chevron Canada Limited will buy all of the interests presently held by affiliates of EOG Resources Canada (NYSE:EOG) and Encana Corporation (NYSE:ECA) in the proposed Kitimat LNG Project and PTP. Thereafter, Chevron Canada Limited will equalize interests with an Apache Corporation (NYSE:APA) subsidiary so that Chevron Canada Limited and Apache will each own a 50 percent interest in both the Kitimat LNG Project and PTP, with operatorship of both facilities transferring to Chevron Canada Limited.
Hewlett-Packard Company (NYSE:HPQ) has been requested to supply more details about its claims of financial shenanigans at Autonomy from that firm’s founder, Mike Lynch, on his website. Hewlett-Packard Chief Executive Meg Whitman said in November that her company would take an $8.8 billion writedown related to its purchase of the United Kingdom software maker due to financial irregularities found after the deal was made. Lynch created a website to counter those accusation and on Friday he posted that he and his colleagues were waiting for HP’s annual report to see if there were additional details in regards to the allegations.
JPMorgan Chase & Co. (NYSE:JPM), Goldman Sachs (NYSE:GS) and the other primary dealers of United States government securities decreased the amount of bonds they offered to the Federal Reserve to an average of $8.04 billion a day in the past two weeks from the $11.6 billion in September 2011 when the central bank began its Operation Twist stimulus program, says Bloomberg data. However, the major bond dealers are more and more reluctant to surrender their record holdings of Treasuries, which provides support for a rally in the world’s most liquid debt market. Wall Street’s holdings of Treasuries more than doubled since March.
Merck & Co. (NYSE:MRK): Some 350 medical practices have been warned by the FDA that they could have bought unapproved and potentially counterfeit versions of some drugs from a network of wholesalers that is controlled by Canada Drugs, an global supplier linked earlier in 2012 to fake cancer medicines, says the Wall Street Journal.
Microsoft Corporation (NASDAQ:MSFT) and similar firms are seeing slumping sales of personal computers this shopping season, implying that the troubles they face in the sector might not abate anytime soon, says The New York Times. Emmanuel Fromont, president of the Americas division of Acer, says that sales of PCs that run Microsoft’s new Windows 8 operating system have been weaker than expected.
Verizon Communications’ (NYSE:VZ) spokesperson has told ZDNet that although a hacker claimed to have stolen more than 3 million customer records from the company, its examination of data posted by the hacker confirm that the information was not stolen from Verizon Wireless.