Wall Street Brief: Judge on Apple-Samsung OVERLOAD, Best Buy’s Biggest Stockholder OUT
A judge has “tentatively” dismissed the intellectual property trial scheduled to begin on Monday between Apple Inc. (NASDAQ:AAPL) and Motorola Mobility (NASDAQ:GOOG) after determining the companies could not “establish a right of relief” for the alleged violations. Meanwhile, the judge in Apple’s fight with Samsung (SSNLF.PK) said she lacks the “bandwidth to handle the strain of the companies’ multiplying demands.”
On Thursday, Best Buy (NYSE:BBY) founder Richard Schulze said he would resign as chairman immediately “in order to explore all available options” for his 20.1 percent ownership share in the company. Earlier, he had planned to step down after the company’s June 21 annual meeting. As of April 11, Schulze was Best Buy’s largest shareholder with 69.78 million shares, according to Reuters, and for 36 years, until 2002, he was the company’s chief executive.
A Closer Look: Did Controversies CRUSH Best Buy’s Founder?
Olympus Corp. announced on Friday that it will cut around 2,700 jobs and restructure its global manufacturing operations. This comes in light of its recovery from a $1.5 billion accounting scandal that gave it a net loss in the last fiscal year. In plan through the fiscal year ending March 2017, the company plans to have it job cuts done by March 2014, consolidate its global manufacturing base by 40 percent and increase its capital adequacy ratio to 30 percent or higher in the next five years, according to MarketWatch.
Molina Healthcare’s (NYSE:MOH) shares are up 27 percent in premarket trading after the company said it had succeeded in Ohio when a state agency reversed itself and said it will allow the company to continue offering managed-care services for Medicaid beneficiaries beginning in 2013. This comes after Molina filed a protest in April after its request-for-applications process didn’t meet expectations. The news is good timing for after Molina withdrew its full-year profit forecast on Wednesday.
Walker & Dunlop Inc. (NYSE:WD) will purchase lender CWCapital LLC for $220 million to expand its servicing portfolio. The price includes $80 million in cash and about $140 million in Walker & Dunlop stock, according to a company statement. After the deal’s close, CW Financial will be Walker & Dunlop’s biggest shareholder and its CEO, Michael Berman, have a senior management role at Walker & Dunlop.