J.C. Penney Company (NYSE:JCP) and Martha Stewart Living Omnimedia (NYSE:MSO) have entered into a commercial agreement providing for the sale by the former of certain Martha Stewart-designed and branded home products. On July 11, the parties modified the Commercial Agreement as follows: “…to (i) add certain additional categories of Products to the Product offerings that will be available for sale in MSLO Stores, (ii) add certain additional categories of Products to the definition of Non-Exclusive Product Categories, and modify the Products that will be sold in one of the Product categories contemplated in the original Commercial Agreement. As a result of this amendment the minimum guaranteed payments for sales commissions, when combined with the design fee and the annual marketing spend, will require J. C. Penney to pay the Company at least $282.9 million, in the aggregate, during the 10-year term of the Commercial Agreement, which represents a $110.5 million increase in aggregate minimum guaranteed payments for sales commissions payable by J. C. Penney to the Company before giving effect to such amendment. With respect to sales of Products in the party products category, the Company will have the right to terminate J. C. Penney’s right to sell and distribute such Products on 6 months’ prior written notice to J. C. Penney, beginning February 1, 2016; such termination would not affect the minimum guaranteed payments for sales commissions under the Commercial Agreement.” Shares closed down 1.28 percent on the day at $20.04, having traded in a 52-week range of $20.06 to $43.18.
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Molycorp Inc (NYSE:MCP): The House today passed legislation which would allow federal agencies to take no longer than 30 months to make decisions related to mining permits, while also limiting the legal challenges against the permits, according to The Hill. The bill would cover 17 minerals that are generally accepted as rare earth minerals, says the report. Shares closed down 0.1 percent on the day at $19.55, having traded in a 52-week range of $19.11 to $66.62.
Sony Corp Ord (NYSE:SNE): All-in-one PCs are projected to help support a weak market for overall desktop PCs, with shipments growing only 20 percent in 2012 to 16.4 million units, while the broader market moves slowly up by only 0.2 percent, says Digitimes. Shares closed down 2.87 percent on the day at $12.50, having been traded in a 52-week range of $12.63 to $27.25.
Wipro Limited (NYSE:WIT): Infosys’ (NASDAQ:INFY) chief executive commented that the company’s results and its visibility are being negatively impacted through the lack of confidence of large clients based on the macro environment, according to an interview summarized by New Delhi TV Profit. The Fly took note that Infosys shares plummeted in Indian trading after the company cut its guidance. Industry peers of Infosys include Wipro (NYSE:WIT), whose shares were also sharply lower in Indian trade, and Patni Computer (NYSE:PTI). Wipro shares closed down 5.16 percent on the day at $8.08, having been traded in a 52-week range of $8.36 to $13.05.
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