BP Hits More Headwinds, China Mobile Starts 4G Construction, and 3 More Hot Stocks
BP (NYSE:BP): BP seems to have been issued another blow in its quest to reduce its payouts to victims of the 2010 Gulf oil spill, as the deadline for claims has been extended beyond April 2014 — as provisionally set — and into 2015. The new deadline is now six months after the legal appeals.
China Mobile Ltd. (NYSE:CHL): China Mobil has reportedly awarded initial contracts worth a total of 20 billion yuan ($3.2 billion) for the construction of its 4G network. Ericsson, Alcatel-Lucent, and Nokia’s NSN have each won deals worth around 10 percent of the total tender, while China’s Huawei and ZTE have obtained 25 percent each. A 4G network might be the door the company needs to open to secure the iPhone for its 700 million member network.
Exxon Mobil Corp. (NYSE:XOM): Exxon will in fact be selling more than half its 60 percent holding in Iraq’s West Qurna-1 oilfield project to China’s PetroChina and Indonesia’s Pertamina, Iraq’s oil minister confirmed. Twenty-five percent will be sold off to the former, while another 10 percent will be sold to Pertamina, Reuters reports. The project is expected to take around $50 billion to develop.
Sears Holdings Corp. (NASDAQ:SHLD): CEO Eddie Lampert has been leading Sears farther down a slippery slope and has done little to revive the struggling retail company, according to critics. “Insiders say Lampert has spent a disproportionate amount of his time fiddling with Sears’s website,” the New York Post is reporting. “Online sales were up 20 percent in the quarter, but account for only 3 percent of all business.”
Qualcomm (NASDAQ:QCOM): Qualcomm has sold Omnitracs, its North and Latin American transportation and logistics business, to Vista Equity Partners for $800 million in cash. Omnitracs was one of Qualcomm’s earliest businesses, which it has managed for the past 25 or so years. Derek Aberle, executive vice president and group president, said that the unit is well positioned enough now “to continue its leadership position as a stand-alone entity.”