BP Walks on Toxic Chemical Case, Safeway’s Mixed Quarter, and 3 More Hot Stocks
BP (NYSE:BP): BP has been let off the hook for its role in a toxic chemical release in 2010 at a Texas City refinery that has had its fair share of accidents, including an explosion that killed 15 workers in 2005. The leaks dragged on for some 40 days, and while BP estimates the loss of some 500,000 pounds of the material, the lawyers for the plaintiffs estimate it at closer to 9 million pounds. The suit is a test case, which sets the tone for an estimated 48,000 other claims brought by residents near the plant, in scores of other lawsuits, Fuel Fix reports.
Safeway Inc. (NYSE:SWY): Safeway on Thursday reported earnings per share of 10 cents, missing by 6 cents, though revenues of $8.62 billion beat, by $0.09 billion. Notably, Safeway announced that it will be exiting the Chicago market by early next year and unloading the 72 Domenicks supermarkets that it owns in the area. Seeking Alpha reports that the move will pull in a $400 million to $450 million cash tax benefit but will also trigger “a multi-employer pension withdrawal liability” that will cost $375 million over 20 years.
Micron Technology (NASDAQ:MU): Micron’s earnings per share of 20 cents missed by 5 cents, and although revenue of $2.84 billion beat by $0.14 billion, shares are trading down, as expectations were running high following a strong year-to-date surge. Micron’s DRAM volume grew 42 percent quarter-over-quarter (thanks to Elpida), which, coupled along with a 5 percent swell in ASPs, pushed DRAM sales up 50 percent.
Amazon.com Inc. (NASDAQ:AMZN): Amazon will be purchasing TenMarks, an online math tutoring and course platform for K-12 students. Though the terms remain undisclosed, Amazon says that TenMarks’s programs have been “used by tens of thousands of schools,” and it is intending to “develop rich educational content and applications, across multiple platforms.” Seeking Alpha observes that the platform could end up being integrated into Amazon’s Kindle’s textbook sales and rentals.
Berkshire Hathaway (NYSE:BRKA): Berkshire’s MiTek Industries subsidiary has acquired Kova Solutions, which provides software that allows residential production builders and manufactured housing firms to manage and oversee their operations. The purchase terms remain undisclosed.