Wall St. Brief: Apple WINS ONE Over Samsung, Big Banks Create Living Wills, Microsoft’s DISAPPOINTMENT
On Tuesday, a California judge issued a preliminary injunction banning Samsung from either producing or selling its Galaxy Tab 10.1 in the United States. The judge said Apple Inc. (NASDAQ:AAPL) had argued a strong case for the tablet’s design violating its patents. A trial has been set for July 30. Until then, analysts believe the injunction will not have a major effect on Samsung.
Europe’s second-highest court said on Wednesday that it “essentially upholds” a 2008 antitrust ruling against Microsoft (NASDAQ:MSFT) while reducing its fine by 39 million euros to 860 million euros, reported the Wall Street Journal. Microsoft responded it was disappointed by the news but did not say whether or not it would appeal the decision. The EU’s initial fine came from a Microsoft delay to share data with competitors.
Barclays (NYSE:BCS) may announce a settlement with the regulators, the CFTC and the U.K.’s FSA, from allegations that its staff attempted to manipulate the Libor interbank lending rate, reported the Financial Times. The story didn’t include the agreement’s terms and is not going to encompass the EU’s investigation of Barclays and its peers acting as a cartel affecting the Euribor rate.
JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) are some of the big banks that have already completed their “living wills” prior to the July 1 deadline, reported CNBC. These plans could enable banks to become less complex since the law enables regulators to tell a firm to sell units if it cannot get an organized bankruptcy together; however, it could nod back toward Glass-Steagall.
The drought for IPOs may be coming to an end after Facebook’s (NASDAQ:FB) debacle thanks to EQT Midstream Partners pricing an IPO and raising $262 million by selling 12.5 million common units at $21 per share. Approximately 35.3 percent of the company’s limited partner interest will be sold while the parent company, EQT Corp. (NYSE:EQT), will keep the balance.