Hormel to Acquire Skippy and 4 Morning Hot Stocks Trading Now
High-speed memory chip designer Rambus Inc (NASDAQ:RMBS) is engaged in a systematic operation to destroy documents to gain the upper hand in its patent infringement lawsuit against Micron Technology Inc, said US District Judge Sue Robinson. As a result, the judge barred Rambus from enforcing any of its 12 patents to obtain royalties from Micron. “Rambus’s destruction of evidence was of the worst type — intentional, widespread, advantage-seeking and concealed,” said the judge in her ruling.
Gap Inc (NYSE:GPS) makes a foray into the luxury apparel market with its acquisition of women’s fashion boutique chain Intermix Inc for $130 million. The acquisition gives Gap access to designers such as Herve Leger, Yves Saint Laurent and Rag & Bone who have ongoing relationships with Intermix. Apart from the expansion into luxury clothing, Intermix would also help Gap keep in tune with fashion trends and get the latest apparel quicker into its stores.
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Delta Airlines (NYSE:DAL) CEO Richard Anderson shares his views of the company’s goals in 2013 in a year-end memo to all employees. With competitors such as United Continental still grappling with postmerger integration and restructuring and bankrupt American Airlines weighing a merger with USAirways, Anderson says, “2013 is the year for Delta to advance its position around the world.”
Starbucks (NASDAQ:SBUX) will launch is first store next month in Vietnam, the world’s second highest exporter of coffee beans and supplier of some of the best coffees in the world. The store is located Ho Chi Minh City and indicates Starbucks’ emphasis on growing its business across Asia where it now has over 3,000 stores. The chain recently inaugurated its first outlet in Mumbai, India.
Hormel Foods Corporation (NYSE:HRL) is acquiring the iconic Skippy peanut butter line from Unilever United States Inc (NYSE:UL) for an approximate consideration of $700 million. The 80-year-old Skippy brand has annual sales of approximately $370 million. Of this, about $100 million sales are outside the United States. The position will help Hormel grow its brand presence in the center of the store as well as strengthen its global presence, particularly in China where it will complement Hormel’s SPAM family of products.
Investing Insights: Will Shares of United Continental Continue to Fly High in 2013?