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Figuring Research In Motion (NASDAQ:RIMM) is undervalued, and that it could recover in three to five years, Canadian investor Prem Watsa’s Fairfax Financial doubles its already outsized bet on the company as a filing shows a holding of 51.9 million shares, a 9.9 percent stake in the troubled smartphone maker currently worth about $351 million.
Don’t Miss: AOL’s Second Quarter Earnings Sneak Peek.
After Fitch downgraded Nokia (NYSE:NOK) to to BB- from BB+ last week, Moody’s follows suit by lowering the company’s debt rating from Ba1 to Ba3and a negative outlook, saying “Nokia’s transition in the smartphone business will cause deeper operating losses and consequently cash consumption in the coming quarters than we had previously assumed.” The company reported worse-than-expected second quarter results, posting a net loss of 1.41 billion euros ($1.74 billion) last Thursday. The company only commented it was disappointed with the downgrade, but that “its impact on the company is limited,” as “Nokia’s financial position remains strong.”
German holding company Joh A. Beckiser is acquiring specialty coffee roaster and retailer Peet’s Coffee (NASDAQ:PEET) in a cash deal worth $1 billion that pays $73.50 a share, a premium of 28.6 percent to Peet’s Friday closing.
A Phase III trial that combined Tarceva and Nexavar for the treatment of liver cancer did not find improved survival rates compared to a stand-alone Nexavar treatment. Tarceva, by Astellas Pharma and Roche unit Genentech, already finds application in lung cancer, while Nexavar is manufactured jointly by Bayer and Onyx (NASDAQ:ONXX).
DreamWorks Animation SKG, Inc. (NASDAQ:DWA) agrees to buy Classic Media, a unit of Boomerang Media Holdings I LLC, a portfolio company of Chicago-based private equity firm GTCR, for $155 million in cash. Classic Media is an animation studio, production company and distributor of family programming and classic theatrical and made-for-television films.
Don’t Miss: Apple and Google Won’t Back Down.
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