JC Penney Sued By Coffee-Press Maker Bodum Group and 2 More Heavily Traded Stocks to Follow
J.C. Penney & Co. (NYSE:JCP): Current price $14.24
Back in November during the Ron Johnson remake, J.C. Penney and the upscale coffee-press manufacturer Bodum Group reached an arrangement through which Penney’s would prominently feature Bodum houseware products and Ordning & Reda office and stationery products, as part of a now-defunct scheme to transform its department stores into collections of “shop in shops.”
But now, Bodum has brought a suit against the historic retailer because the latter was said to have missed the March date to debut the shops, also installing boutiques at fewer stores than initially agreed. The lawsuit was filed August 30 in New York State Supreme Court.
Cisco Systems Inc. (NASDAQ:CSCO): Current price $24.16
On Tuesday, Cisco announced its first venture into the data storage market as it will pay $415 million to purchase the privately-held storage system maker Whiptail. Cisco will pay cash and incentives for the acquisition, which should close in the first quarter of 2014. Whiptail was founded in 2008 and is based in Whippany, New Jersey. The form makes storage systems based on flash memory chips, which permit data to move through servers at a higher speed and efficiency as well as higher volume.
Cisco says that Whiptail’s tech is a good fit, allowing Cisco to extend its converged infrastructure, uniting components like servers, data storage devices, networking equipment, and software into one product.
Barrick Gold Corp. (NYSE:ABX): Current price $18.44
The small hedge fund Two Fish Management wants a breakup of Barrick Gold by geographical region, believing that such an action could more than double the gold firm’s current share price, which has lost half its value during the past year. Cofounder Mike Morris has sent a letter to Barrick’s chief executive and board, contending that the geographic diversity is a distraction instead of an asset, according to CBC News. Morris opines that splitting off the North American and South American units from those in Africa and Australia would enable management to center on the unique needs of each.