Navistar Announces Board Appointments and 4 Hot Stocks Buzzing Now
Vringo (AMEX:VRNG) reported that its wholly-owned subsidiary, Vringo Infrastructure, Inc., has filed a patent infringement lawsuit against the United Kingdom subsidiary of ZTE Corporation in the High Court of Justice, Chancery Division, Patents Court. The lawsuit claims infringement of European Patents 1,212,919; 1,166,589; and 1,808,029. ZTE’s cellular network elements are within the scope of all three of the patents, and the subsidiary’s GSM/UMTS multi-mode wireless handsets fall within the scope of the ’029 patent as well. Vringo is seeking a declaration that its patents have been infringed by ZTE’s activities and also that the court should use its full legal, equitable and injunctive power to cease ZTE’s activities as may be applicable to the circumstances.
Wal-Mart Stores (NYSE:WMT) and American Express on Monday introduced Bluebird, which is an alternative to debit and checking accounts, to target “unbanked, underbanked and unhappily banked” customers. This new product extends a pilot program launched late in 2011 in a move that seemed to directly respond to customer backlashes against bank fees. Bank of America Corporation and JPMorgan Chase & Co. along with other banks had to withdraw proposals to charge fees accompanying the use of debit cards after customers threatened to close their accounts and take them business to credit unions.
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Navistar International Corp. (NYSE:NAV) says that Vincent Intrieri and Mark Rachesky have been appointed to its board while it also agreed to add a third director who will be named and mutually agreed upon by Icahn Partners and its affiliated entities along with MHR Fund Management and its affiliated entities. Intrieri and Rachesky will replace Eugenio Clariond and Steven Klinger who are stepping down. The three new directors will later stand for election at Navistar’s 2013 Annual Meeting of Shareholders.
Marathon Petroleum Corporation (NYSE:MPC) will acuire BP’s (NYSE:BP) 451,000 barrel per day Texas City refinery, three intrastate NGL pipelines which originate at the refinery, four terminals, an allocation of BP’s Colonial Pipeline Company shipper history, retail marketing contract assignments for about 1,200 branded sites and a 1,040 megawatt cogeneration facility. The base purchase price amounts to $598 million in addition to inventories estimated to be worth $1.2 billion. The transaction also contains an earnout provision through which Marathon could pay as much as an additional $700 million over six years under certain conditions. The acquisition should be accretive to earnings in the first year of operation and is expected to be funded with cash on hand, closing early in 2013.
Green Dot Corporation (NYSE:GDOT) reported in early August that business with Wal-Mart for the three months ended June 30 represented 62 percent of its total operating revenue versus 60 percent year-over-year in 2011. Green Dot shares are down about 20 percent in mid-day trading.