Dell Faces Off with Icahn, UBS Aims to Repurchase Toxics, and 3 More Hot Stocks
Dell Inc. (NASDAQ:DELL): Carl Icahn and Dell are set to make an appearance in court Friday, where the former will ask a judge to fast-track his lawsuit against the company in his efforts for control of the firm with founder Michael Dell. Icahn is hoping to delay a shareholder vote on Michael Dell and Silver Lake’s offer for the company, which is slated for September 12. The investor is hoping to instead hold an annual meeting first, where he would attempt to install his own candidates as board members and fire the CEO.
UBS AG (NYSE:UBS): UBS is ready to buy back its Stabilization Fund, built to hold the firm’s toxic assets in 2008. Under the terms of its rescue deal with the SNB, UBS has the right to buy it back for $1 billion plus half the fund’s equity once the central bank’s rescue loan has been repaid. Now that the loan has been confirmed as paid off, UBS can go about determining what the fund’s equity is worth, a process that could take up to three months.
MannKind Corp. (NASDAQ:MNKD): Shares are down over 6 percent as the company becomes a target for Summer Street on Friday morning. The firm isn’t totally convinced on the results of the drug developer’s Phase III AFFINITY 1 trial after the company released the results on the injectable insulin and Dreamboat arms but withheld results on the Medtone C-arm. Apparently, releasing data on only two of the three arms of the trial like that is unprecedented.
Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR): Green Mountain is picking up some of the slack that it gave up in trading on Thursday, as it was revealed that the Vermont-based company will become a component of the Nasdaq 100 Index beginning August 22. Green Mountain will also be added to the Nasdaq 100 Equal Weighted Index and Nasdaq 100 Ex-Tech Sector Index, replacing Life Technologies.
Herbalife Ltd. (NYSE:HLF): Herbalife allowed the successor company of a Canadian-affiliated business to remain as a part of its network for several years after a court called the original operation a criminal “scheme of pyramid selling,” according to an investigation carried out by the Financial Times. Previous to the court’s 2004 announcement of its finding on Global Online Systems, the firm “encouraged its clients to move to Online Business Systems, which was run by the daughter of one of GOS’s managers and recruited sales people for Herbalife.”