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Hewlett-Packard Company (NYSE:HPQ) is among a group of companies that Jim Cramer held up as an example when he told viewers that, when the top management exits a company, so should investors. Other firms were Francesca’s Holdings Corp. (NASDAQ:FRAN), Mellanox Technologies, Ltd. (NASDAQ:MLNX), Yahoo! Inc. (NASDAQ:YHOO) and First Solar, Inc. (NASDAQ:FSLR).
Don’t Miss: Johnson & Johnson and Sanofi Get BURNED.
Intel Corporation (NASDAQ:INTC) lost the stake of Berkshire Hathaway Inc. (BRK.A), which the latter sold within a year of its being bought, ignoring the buy-and-hold policy favored by its Chairman Warren Buffett. Berkshire’s Geico division had accumulated 11.5 million shares of Intel in the second half of last year for an average price of around $22. Then, Berkshire sold the stake for an average price of $27.25 in 2012 through May 8th, gaining approximately $60 million in profit, says Bloomberg.
Johnson & Johnson’s (NYSE:JNJ) Janssen Pharmaceuticals, along with ALZA Corporation, have resolved pending legislation in the United States with Impax Laboratories, Inc. (NASDAQ:IPXL) and Teva Pharmaceuticals USA (NYSE:TEVA) concerning the production and sale of generic formulations of Concerta. By the terms of the settlement, ALZA will grant Impax and Teva a license to sell generic versions of the drug on July 14, 2013 or earlier, given certain circumstances. Impax’s generic Concerta products form a part of its Strategic Alliance Agreement with Teva, and once the ANDA is approved by the FDA, the latter has the right to commercialize the products pursuant to the license agreement.
JPMorgan Chase & Co. (NYSE:JPM) shares have now erased the decline of as much as 24 percent that resulted from the firm’s famous multibillion-dollar trading loss. On Thursday, the shares rose by 3.7 percent to $41.40, passing the $40.74 May 10th closing price when a trading loss of approximately $2 billion (then) was announced. The total amount of the loss this year currently stands at $5.8 billion, according to Bloomberg.
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