JPMorgan Chase & Co. (NYSE:JPM): New rules might be coming to correct dangers concealed in reverse mortgages, warns the Consumer Financial Protection Bureau, according to the Wall Street Journal. These mortgages comprise an industry valued at $90 billion; the loans make it possible for cash-needy seniors to borrow against the equity in their homes.
Pfizer Inc. (NYSE:PFE): Drug firms shopping for a new acquisition might well inspect Shire Plc (NASDAQ:SHPGY), says Bloomberg, as that company’s valuation is at its cheapest relative to earnings in nearly six years, at 6.8 times profit this week, which is the lowest since October 2006. Shares of Shire are trading for approximately 30 percent less than the median for comparable specialty drugmakers, according to data; the company is currently valued at $15.9 billion.
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AT&T, Inc. (NYSE:T)’s U-verse TV contract with AMC Networks (AMCX) for channels that include AMC, IFC and WE tv, expires at 11:59 p.m. EST on June 30. The parent company has issued the following statement: “We are making every effort to reach a fair agreement and continue providing these channels to our customers. Frankly, we’re disappointed AMC Networks has decided to take its negotiations public, instead of working with us in good faith, especially since we’re still actively in negotiations. We’ve been in ongoing negotiations to renew this agreement, but AMC Networks is seeking an excessive rate increase in our overall fees for the right to deliver these channels. AMC Networks is asking that AT&T pay nearly double what we believe other competitors pay including a smaller-sized competitor. We believe the rates they are seeking are disproportionate compared to the viewership we see across their channels.We don’t think that’s reasonable, especially in these economic times, and we will continue to work toward a fair deal.”.
Verizon Communications Inc. (NYSE:VZ): Samsung Electronics (SSNLF) experiences new difficulties, in the form of shipment delays of its new Galaxy S III smartphone domestically, and hard edged competition in the lower price smartphone market in China, says a Wall Street Journal report. Only two months ago, Samsung posted record profits in its first quarter.
Exxon Mobil Corp. (NYSE:XOM) has sent a letter of intent to North Atlantic Drilling, concerning the assignment of the harsh environment semi-submersible drilling unit West Alpha. This contract extension entails a concrete period of two years, with an estimated revenue of $410 million. The startt of operations under the contract extension should occur in the third quarter of 2014, in a direct continuation of the next assignment for West Alpha on the Balder field. In response, West Alpha has secured firm contracts that will keep the rig online until the third quarter of 2016. Seadrill (NYSE:SDRL) possesses a 74 percent ownership interest in North Atlantic Drilling Ltd.
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