Wal-Mart Opposes Swipe Fee Settlement and 3 Dow Movers to Track
United Technologies Corporation (NYSE:UTX) subsidiary Sikorsky Aircraft’s own subsidiary, Associated Aircraft Group AAG, has been granted access into Ronald Reagan Washington National Airport, DCA, by the Transportation Security Administration under the DCA Access Security Program. Reagan National Airport offers unrivaled convenience for travelers flying in and out of the nation’s capital, as it is located only three miles from downtown Washington, D.C. With the access into DCA, AAG customers will now will be enabled to travel from anywhere along the East Coast directly to the city.
Verizon Communications (NYSE:VZ): Following several days of a chatter, the Japanese telecommunications company Softbank has now said that it would buy as much as 70 percent of Sprint (NYSE:S) for a price of $20.1 billion in cash, which would be $8 billion to Sprint directly and $12.1 billion to shareholders. It’s expected by both firms that the combined strength, and infusion of cash to invest, will help the new entity more easily compete against the two American mobile giants, Verizon Wireless and AT&T (NYSE:T). The transaction will leave a combined number of 96 million customers in the United States and Japan, who should benefit from increased market competition, but the new entity will still trail far behind AT&T and Verizon in North America. This comment was made by Chief Executive Masayoshi Son of SoftBank on the Sprint/SoftBank investor call.
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Wal-Mart Stores (NYSE:WMT) is among several top retailers and trade groups that are now opposing the $7.2 billion settlement with Visa (NYSE:V) and Master Card Incorporated (NYSE:MA) concerning “swipe fees” that was filed a few months ago and are now asking to have it blocked, says Reuters. At the same time, credit card companies and retailers that do support the plan are set to ask a judge this week to okay it in despite the objections.
Exxon Mobil Corporation (NYSE:XOM): Apparently, supply and demand does not work efficiently in certain markets. Domestic output of oil is so high currently that it’s pushing benchmark crude prices down, thus delivering a bonus to some refiners, but oddly enough it’s not helping consumers at the pump, according to the Wall Street Journal. Crude production is expected to jump by 12 percent in 2012 and 8 percent in 2013, at which time it should touch the highest level since 1993, say government figures. The domestic benchmark West Texas crude has fallen 7 percent in the year, held down by increasing supplies from new drilling methods. But given all this, gasoline prices now average almost $4 per gallon nationwide.
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