BlackBerry Wants Buyer by November, Local Surges on Huge Deal, and 3 More Hot Stocks
BlackBerry (NASDAQ:BBRY): BlackBerry is ”aiming to run a fast auction process that could be wrapped up by November,” according to Wall Street Journal sources, causing shares to spike just before Wednesday’s close and continue to rise Thursday morning. One source said BlackBerry “has narrowed its list of potential bidders to seek out in a sales process expected to begin soon,” and the Canada Pension Plan Investment Board and Bain Capital are expected to make bids for the firm.
Local Corp. (NASDAQ:LOCM): Local shares are surging over 30 percent on news that it has been awarded a deal with Microsoft (NASDAQ:MSFT) to provide location-based product data for Bing. The company operates Krillion, a shopping data platform that will provide data on retail locations, brands, categories, and product availability for the search engine’s local product results.
J.C. Penney (NYSE:JCP): The troubled retailer will be dropping its line of Martha Stewart Living Omnimedia (NYSE:MSO) products and putting to rest the contentious issue between J.C. Penney and Macy’s (NYSE:M), the latter suing Martha Stewart for failing to comply with a contract. “[CEO Mike] Ullman made the decision for the judge,” according to a source briefed on the situation who spoke to the New York Post. “They definitely are not going to carry [Martha Stewart home goods] any longer and [they are] not waiting for the court ruling.”
Chevron Corp. (NYSE:CVX): Nigeria’s state-owned oil agency has warned potential buyers of Chevron’s three blocks in the region that the company may lose the right to operate them in a notice published in local newspapers reminding that, although Chevron operates the blocks, the state oil firm has the right to take over operatorship as majority shareholder. Chevron owns 40 percent of the blocks, while Nigeria National Petroleum owns 60 percent.