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The Australian Competition & Consumer Commission (ACCC) — Australia’s consumer watchdog — alleged on Tuesday in Australia that Apple Inc. (NASDAQ:AAPL) has made “misleading” claims when promoting its new iPad’s 4G capability, reported The Wall Street Journal. The group plans to file an application in Federal Court on Wednesday accusing Apple of breaching consumer law.
The ACC statement said, “The ACCC alleges that Apple’s recent promotion of the new “iPad with WiFi + 4G” is misleading because it represents to Australian consumers that the product “iPad with WiFi + 4G” can, with a SIM card, connect to a 4G mobile data network in Australia, when this is not the case.”
Symantec (NASDAQ:SYMC) is expected to end its joint venture with the Chinese company, Huawei Technologies, in the next two weeks. Symantec has expressed concerns that the joint venture would not allow it to gain access to classified documents from the U.S. government that discusses cyber threats. It is expected to sell its 49 percent stake to Huawei for $530 million.
After AIG (NYSE:AIG) repays its estimated $45 billion to the government, taxpayers may see a $5 billion to $10 billion profit. CEO Bob Benmosche shared this figure with CNBC on Monday. This month, the Treasury has already received over $14.6 billion of its AIG investment including $6 billion from selling shares.
Sony Corp.’s (NYSE:SNE) incoming chief executive who takes over next week, Kazuo Hirai, will take direct control of the company’s ailing television division in an attempt to turn things around. The company’s weakening TV division, as well as other Japanese brands, have faced stiff competition from rivals including Apple Inc. (NASDAQ:AAPL) and Samsung Electronics. Sony is facing a fourth consecutive year of losses with this year’s coming loss to hit YEN 220 billion ($2.7 billion) thanks to its failing TV business.
Shares of Lennar Corp. (NYSE:LEN) jumped almost 3 percent in early trading. The home builder reported a first quarter profit of $15 million (8 cents per share), compared to $27.4 million (14 cents per share) a year earlier. Analysts were only expecting earnings of 4 cents per share.
Walgreen Co. (NYSE:WAG) shares gained 2.7 percent before the opening bell. For the second-quarter, the company reported a profit of $683 million (78 cents per share), compared to $739 million (80 cents per share) a year earlier.
Apple Inc. (NASDAQ:AAPL) shares edged slightly lower in early trading. According to Apple Insider, the Apple Siri development team appears to be working to add sports scores to the mobile assistant service, perhaps through Disney’s (NYSE:DIS) ESPN.
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Netflix Inc. (NASDAQ:NFLX) shares increased .10 percent after announcing it has dropped previously-reported plans to bring Terra Nova to the online streaming company. The company failed to reach an agreement with 20th Television (NASDAQ:NWS).
Shares of Dangdang Inc. (NYSE:DANG) surged 4.8 percent in pre-market trading after Oppenheimer upgraded shares to Outperform with a price target of $9.50.
Amazon.Com Inc. (NASDAQ:AMZN) shares increased .50 percent in early morning trading. The online retailer plans to open a new fulfillment center in Jeffersonville, Indiana. The company estimates it will create up to 1,050 new jobs by 2015.
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ISTA Pharmaceuticals, Inc. (NASDAQ:ISTA): ISTA Pharmaceuticals announced that the U.S. Patent and Trademark Office has issued Patent No. 8,129,431 with claims covering PROLENSA, or bromfenac ophthalmic solution, ISTA’s once-daily topical nonsteroidal anti-inflammatory product for the treatment of ocular inflammation and pain following cataract surgery. The patent was issued to ISTA’s licensor, Senju Pharmaceuticals Co. Ltd., and was granted a patent term adjustment that extends the patent life originally set to expire January 2024 to September 2025. Shares of ISTA Pharmaceuticals, Inc. are trading 7.82% higher today.
Opnext, Inc. (NASDAQ:OPXT): BWS Financial believes the merger between Oclaro (NASDAQ:OCLR) and Opnext makes sense and feels the timing of the deal could not be better. The firm says it would be a buyer of Oclaro shares. Shares of Opnext, Inc. are trading 48.66% higher today.
Mcmoran Exploration Co (NYSE:MMR): McMoRan Exploration announced continuing progress to flow test the Davy Jones No. 1 well on South Marsh Island Block 230. As previously reported, McMoRan saw positive pressure response from the Wilcox “D” sand which was perforated on March 24, 2012. On March 26, 2012, McMoRan attempted to perforate the Wilcox “C” sand. As the perforating gun was being removed from the hole, the well began to flow. When the gun was brought to the surface, it was determined that the gun did not fire in the Wilcox “C” sand from what appears to be a simple disconnection of the detonator cord. McMoRan plans to use a new perforating gun to complete the testing of the Wilcox “C” sand. Currently, the test is ongoing from only the Wilcox “D” sand, which resulted in the flare shown in the exhibit available on www.mcmoran.com. The flow from the “D” sand is being affected by considerable debris in the 5 inch liner, from what McMoRan believes to be residual drilling fluid from drilling of the well. Results of a clean flow test, as opposed to the current test hampered by debris, will be announced as further progress is achieved and flow rates are measurable. McMoRan will provide updates as completion operations progress. Shares of Mcmoran Exploration Co are trading 14.99% lower today.
Southern Community Financial Corp. (NASDAQ:SCMF): Capital Bank Financial announced that it has signed a definitive agreement to acquire 100% of the stock of Southern Community Financial for $2.875 per share. SCMF shareholders may elect to receive their payment in cash or stock, with total consideration consisting of 40% cash and 60% newly issued shares of CBF, which will be exchanged at a fixed ratio of 0.131 based on a value for CBF of $22 per share, subject to certain adjustments. Additionally, SCMF shareholders will receive non-transferable contingent value rights entitling them to receive up to $1.30 per share in cash five years after the effective date of the transaction based on 75% of the savings to the extent that legacy loan and foreclosed asset losses are less than a prescribed dollar amount. The transaction is expected to close in Q2. Shares of Southern Community Financial Corp. are trading 39.14% higher today.
McCormick & Company, Incorporated (NYSE:MKC): This increase includes the anticipated benefit of higher sales and CCI cost savings in 2012, along with a favorable comparison to 2011 when 7c per share of acquisition-related transaction costs were recorded. The Company anticipates that these increases in profit will be offset in part by increased material costs as well as increased retirement benefit expenses. Shares of McCormick & Company, Incorporated are trading 2.07% higher today.
Walgreen Company (NYSE:WAG): The company says “We invested in store-level staffing in the second quarter to help our pharmacy customers under Express Scripts (NASDAQ:ESRX) plans sign up for our Prescription Savings Club, change to a different Medicare prescription drug plan that includes Walgreens in the network or find other ways to continue using our pharmacies. Those efforts resulted in a record 700,000 new PSC enrollments during our sign-up promotion in January.” Shares of Walgreen Company are trading 1.63% higher today.
MAP Pharmaceuticals Inc. (NASDAQ:MAPP): MAP Pharmaceuticals is retreating after the company announced last night that it had received a Complete Response Letter from the FDA for its acute migraine treatment, Levadex, which is delivered through inhalers. The FDA said that it hadn’t been able to finish reviewing inhaler usability information, and asked MAP to address issues that arose during the agency’s review of a third party manufacturing facility. The agency also asked MAP to make labeling changes, but didn’t request that any additional clinical tests be conducted on Levadex before the drug is approved, MAP said. The drug maker added that it would request a meeting with the FDA to discuss the issues raised by the Complete Response Letter, and that it plans to continue to seek FDA approval for Levadex. In a note this morning to investors, Deutsche Bank said that it expected Levadex to be approved in a modest amount of time, since the FDA didn’t identify any efficacy or clinical safety issues with the drug. In early trading, MAP dropped $2.09, or 12.19%, to $15.05. Allergan (NYSE:AGN) is partnering with MAP on Levadex, while Nektar (NASDAQ:NKTR) is poised to receive royalties on sales of the drug if it’s approved Shares of MAP Pharmaceuticals Inc. are trading 9.28% lower today.
Lennar Corporation (NYSE:LEN): Reported Q1 Deliveries were 2,482 Homes, up 29%. Cancellation rate was 18%. Shares of Lennar Corporation are trading 3.45% higher today.
TOTAL S.A. (NYSE:TOT): Rowan Companies (NYSE:RDC) confirmed that an incident occurred on Sunday, March 25, 2012 on the Total E&P UK (NYSE:TOT) wellhead platform in the Elgin Field in the North Sea, resulting in a gas release. Total is working to control the release. The Rowan Viking has been working on the platform, and all Rowan and Total personnel have been safely evacuated. Shares of TOTAL S.A. are trading 6.39% lower today.
Landec Corporation (NASDAQ:LNDC): Landec expects net income to grow approximately 40%, after adding back the one-time impairment charge of $4.8M to net income for fiscal year 2011, compared to our original guidance of 30% to 40%. Shares of Landec Corporation are trading 3.54% lower today.
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