Wall Street Brief: Sprint Jumps on Softbank Rumor, BP Nears Deepwater Horizon Resolution
BP (NYSE:BP) and the Justice Department are nearing a deal to resolve the company’s civil and criminal liabilities from the 2010 Deepwater Horizon spill, reported the Wall Street Journal. The two sides remain about $6 billion apart for a final number with BP worried that if the figure is too large, it could suggest negligence and encourage plaintiffs with lawsuits to ask for greater damages.
Sprint’s (NYSE:S) shares jumped 23 percent in pre-market trading on a report that Japan’s Softbank is considering a two-thirds stake in the company for approximately $13 billion. Softbank responded it is “checking the facts of the Nikkei report.”
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PC shipments dropped 8.3 percent in the third quarter vs. the second quarter’s -0.1 percent, according to Gartner, Inc. From tablet sales, the firm sees weak back-to-school sales and cautious retailer orders. It also said that Lenovo (LNVGY.PK) surpassed Hewlett-Packard (NYSE:HPQ) to sit as the world’s leading PC OEM. Gartner also estimated that industry shipments dropped 8.6 percent.
Bank of America (NYSE:BAC) CEO Brian Moynihan has repeated there will be large headcount cuts at the company, reported Bloomberg, and said, “It’s really based on demand.” After citing the bank’s flat revenues with the flat yield curve and flat economy, he said, “When I talk to our clients…they don’t expect to hire a lot more people.”
General Motors (NYSE:GM) will introduce 13 new Chevrolet brand models in 2013, including updated versions of its Silverado pickup, Tahoe SUV and Spark electric vehicle. After years of no interest, the company said younger buyers are now considering buying Chevrolet vehicles.
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