Chevron Judgment Cut in Half But Upheld in Ecuador and 2 Other Dow Movers to Watch
Chevron Corp. (NYSE:CVX): Current price $119.57
The highest court in Ecuador on Wednesday upheld a landmark judgment against Chevron for oil contamination in the Amazon but at the same time reduced the penalty by half, to $8.8 billion. This amount goes back to the original judgment against the oil major, awarded by a local judge in February 2011. That sum was doubled in 2012, after Chevron refused to publicly apologize for the contamination, which took place between 1972 and 1990 under a Texaco-led consortium. Chevron acquired Texaco, and thus inherited the legal and environmental nightmare.
International Business Machines Corp. (NYSE: IBM): Current price $182.74
IBM said Wednesday that it will acquire mobile management and security company Fiberlink Communications. Employing Fiberlink’s MaaS360 cloud-based offerings, IBM will build upon its bring-your-own-device capabilities to deliver a complete mobile management and security solution via IBM MobileFirst, which includes trusted transactions and security intelligence capabilities for mobile apps, users, content, and data, according to a company press release. Financial terms of the transaction were not divulged.
Merck & Co. Inc. (NYSE:MRK): Current price $47.26
Merck’s biopharmaceutical arm, Merck Serono, has reached a worldwide licensing, co-development, and commercialization accord for BeiGene-290 with BeiGene Co. Ltd., a biotech research and development firm in Beijing. The compound is a potent poly (ADP-ribose) polymerase inhibitor for the treatment of cancer, and it is presently in preclinical development, expected to enter clinical development in 2014. This marks the second collaboration between the two firms this year.