Herbalife CEO Does Damage Control and 4 Hot Stocks Seeing Action Today
The hype grows around the BB 10-based smartphone due to be announced by Research in Motion (NASDAQ:RIMM) on January 30. Supposedly named the Z10, the N series Blackberry phone will feature a 4.2 inch screen sporting 1280 x 768 resolution and run on a dual core 1.5 GHz QUALCOMM Snapdragon processor, according to phoneArena.com. The device will likely have dual cameras, 2 GB RAM and 16 GB storage. According to the report, about 70,000 applications will be available at time of launch.
Cisco Systems (NASDAQ:CSCO) CEO John Chambers has adopted a prearranged stock trading plan to sell 2.8 million shares of the company by September 2014 according to an 8K filing. Of this, up to 1.3 million shares will come from the exercise of stock options granted to Chambers in 2005 and due to expire in September 2014. The rest will come from his own holdings.
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US District Judge Carl Barbier accorded final approval to a settlement of about $7.8 billion by BP plc (NYSE:BP) in respect of over 100,000 economic and property damage claims resulting from the 2010 oil spill in the Gulf of Mexico. The settlement was initially approved in May, but objections from about 13,000 claimants were heard in November in a separate fairness hearing. In his order, the Judge said the settlement was “fair, reasonable and adequate.”
Herbalife (NYSE:HLF) CEO Michael Johnson seeks to undo the damage to the company’s stock and its reputation by high profile fund manager Bill Ackman’s allegation that Herbalife was only a sophisticated pyramid scheme. On Friday, Johnson telephoned top institutional investors disputing Ackman’s claims and reassuring them on the company’s business. He also commissioned a point by point rebuttal of Ackman’s allegations to be prepared by a group of hand-picked top company officials.
Reynolds and Reynolds, a provider of business management software for auto dealers, may be sold to either of private equity firms Carlyle group LP (NYSE:CG) or KKR and Co LP (NYSE:KKR), who are said to be the lead contenders to take over the firm. The winning bid may range between $4 billion-$5 billion, according to sources cited by Reuters.
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