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Verifone (NYSE:PAY) is exiting its mobile payment service, Sail, as “the standalone economics of micro-merchant acquiring are fundamentally unprofitable.” Verifone will therefore dispose off some of the assets related to the venture and outsource the merchant-acquiring activity.
Mount Kellett Capital Management LP shoots off a letter to Clearwire Corporation (NASDAQ:CLWR) describing Sprint’s offer to buy up the shares of Sprint (NYSE:S) not already owned by it for $2.90 per share as “highly coercive.” The letter goes onto explain why the offer also grossly undervalues Clearwire in the context of recent transactions of wireless spectrum. Mount Kellet’s math comes up with a value per share of $6.30. Accordingly, to sell the Company to Sprint at $2.90 per share “would be an absolute outrage…and a clear breach of the board’s fiduciary duties to the public stockholders.”
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General Electric (NYSE:GE) hikes its quarterly dividend by 12% ($0.02 per share) to $0.19 per share. The existing share repurchase plan which expires December 31,2013 has been extended to 2015 and its scope enhanced by $10 billion.
Ford (NYSE:F) Americas Chief Joe Hinrichs, while speaking to reporters this morning, claimed the company’s hybrid vehicles were selling well despite the concerns raised in the media about their fuel consumption in MPG. He also disclosed that the company had opened discussions with the EPS regarding the MPG testing for hybrids and would evaluate any changes needed.
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