RIM’s HELL Continues, GE Wins in Myanmar and 3 Stocks in the Morning Spotlight
Infosys (NASDAQ:INFY) is said to be in discussions over the acquisition of Switzerland’s Lodestone Management Consultants. If the transaction were to amount to the estimated $300 million, it would mark the firm’s largest acquisition by far. Lodestone earned some $211 million in 2011 – Infosys currently has cash and equivalents of $3.7 billion.
The General Electric Company (NYSE:GE) strikes quickly to become the first American company to win business in Myanmar after sanctions were eased on Wednesday, reaching an agreement to provide medical equipment to two hospitals. At $2 million the order is pocket change, but the firm has great expectations for Myanmar, where exists a massive need for improvements to the electricity, air travel and railway sectors, and to healthcare as well.
Research In Motion’s (NASDAQ:RIMM) troubles just keep on coming, as a Jury in San Francisco rules that it must pay $147.2 million in patent litigation to Mformation, regarding a system which manages a wireless device over a cellular network. Worse, the total amount could increase, because it comprises an $8 royalty for each BlackBerry connected to RIM’s enterprise server software, but does not cover future or foreign damages. The firm is looking to have the verdict overturned.
Symantec (NASDAQ:SYMC) has more woes of its own, as updates for its anti-virus software have caused computers operating Windows XP to crash. The number of known affected clients might be relatively few, but making matters worse are anecdotes of horrendous customer support. The company’s shares have lost about 25 percent since a profit warning three months ago.
The Libor scandal has been costing Barclays (NYSE:BCS) clients domestically and worldwide, but the fact that several other companies are in the same boat, is so far protecting the Bank from the abyss. However, the City of Leicester’s council is withdrawing £6 million in deposits, and the Japan Bank for International Cooperation did not include Barclays in a bond deal worth up to $1 billion.