American Express Company’s (NYSE:AXP) prepaid cards might be offered by CVS Caremark Corporation (NYSE:CVS), according to a note to investors by the research firm Jefferies earlier Wednesday, and prepaid card issuer Green Dot Corporation’s (NYSE:GDOT) shares are sliding on the news. CVS ranks among Green Dot’s biggest distribution partners, and brings approximately 6 percent of its total revenues, says Jefferies. In response to rapid encroachment by American Express on Green Dot’s largest distribution partners, the analyst cut its 2012 and 2013 revenue and earnings per share estimates for the latter, also slashing its price target on Green Dot from $17 to $13, keeping a Hold on the stock. Previously, the shares slid significantly on Monday after Wal-Mart, another of Green Dot’s distribution partners, reported a deal to launch American Express prepaid cards in 4,000 of its stores.
The Boeing Company (NYSE:BA) delivered two new Boeing 787 Dreamliners to Air India in September, but one of them has already been grounded following its front cargo door developing a snag, and now can not be closed so that the plane can get airborne, according to The Economic Times. A source commented that, “The amazing thing is that nothing hit the cargo door and the part simply disintegrated on its own. Boeing is to send a replacement part from Europe to Delhi via London but it hasn’t come so far. The airline gets a bad name because of the composite material trouble.”
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Bank of America Corporation (NYSE:BAC) is among some half dozen top financial institutions which late in September experienced the distributed-denial-of-service attacks, which briefly disrupted their online services. The attacks stopped abruptly around two weeks ago, despite continuing threats by the group that claimed credit for them. Izz al-Din al-Qassam Cyber Fighters, the military wing of Hamas, had said in a Pastebin message that the attacks would continue until a preview of the independent film “Innocence of Muslims,” which they think insults the prophet Mohammed, is removed from the Internet. However, a blog post by Mor Ahuvia, a cybercrime communications specialist at the security firm RSA, predicts that another wave of attacks looms, this one targeted towards stealing big money. Other major financial firms attacked included Wells Fargo & Co., U.S. Bancorp, PNC Financial Services Group, Citigroup, and JPMorgan Chase.
The Walt Disney Company’s (NYSE:DIS) ABC network and Buena Vista Television divisions will request Wednesday that a federal appeals court overturn a $319 million judgment which was won two years ago by the creators of Who Wants to Be a Millionaire in the U.K., according to Reuters. ABC says that the judge who oversaw the trial permitted the jury to adopt a flawed reading of the contract with Celador International Ltd., which entitled the creators to a share of ABC’s profits.