Netflix Receives Notice From SEC and 4 Hot Stocks Rounding Out the Week
Toyota Motor Corporation (NYSE:TM) has set a domestic sales target in 2013 of 1.36 million vehicles compared to its current year target of 1.67 million vehicles. The lower target indicates the impact of the withdrawal of government subsidies paid on fuel-efficient vehicles with effect from the middle of September, says Reuters, quoting regional newspaper the Mid-Japan Economist. Domestic difficulties on the sales front add to declines in sales in China, where the company suffered an anti-Japan backlash due to a territorial dispute between the two countries.
Specialty retailer Conn’s Inc (NASDAQ:CONN) announced today the pricing of its public offer of shares of its common stock at $26.75 per share. The size of the offering has also been increased from 5 million shares to 5.5 million shares. Of the revised quantity, the company is selling 1,408,379 shares while selling stockholders are offering 4,091,621 shares. The net proceeds from the offering, approximately $35.2 million, would be used mainly for repayment of debt.
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Netflix Inc (NASDAQ:NFLX) and its chief executive officer Reed Hastings have fallen foul of the Securities and Exchange Commission for allegedly violating Regulation Fair Disclosure. The SEC has issued a “Wells Notice” to them, indicating the possibility of a cease and desist proceeding and/or a civil injunctive action for a disclosure by Hastings on his Facebook page in July that the company had streamed over 1 billion hours in the month of June.
The board of directors of Einstein Noah Restaurant Group (NASDAQ:BAGL), a leader in casual dining, has completed a comprehensive strategic alternatives review process intended to maximise shareholder value by recapitalising the company and declaring a special dividend of $4.00 per share. “We are pleased to have been able to recapitalise the business through our existing bank facility on such favourable terms and maintained modest leverage,” said Nelson Heumann, chairman of the board.
A group of Chinese investors comprising New China Trust Company, China Aviation Industry Fund and Industrial and Commercial Bank of China Ltd is bidding to buy International Lease Finance Corp, an aircraft leasing unit owned by American International Group Inc (NYSE:AIG). The transaction could value the unit as high as $5.5 billion.