Ford Avoids Big Sedan Recall and 2 Other Hot Stocks to Watch
Ford Motor Co. (NYSE:F): Current price $16.93
Ford averted a large recall when United States safety regulators closed an inquiry into loss of steering in certain large sedans after the company said it that would address the problems on affected vehicles itself. The investigation might have led to a recall in 28 states outside a 22-state region in which salt is used to melt ice and snow, which can lead to corrosion. Back in August, Ford recalled model year 2005 to 2011 Ford Crown Victoria, Mercury Marquis, and Lincoln Town Car sedans registered in the cold-weather states. The auto maker no longer manufactures any of these three vehicles. The primary difficulty was that rust could cause separation of the steering column and the ultimate loss of steering control.
ReneSola Ltd. (NYSE:SOL): Current price $4.63
The solar cell manufacturer has reached an arrangement with OCI Solar Power, which develops solar photovoltaic projects to provide more than 178,000 PV modules. OCI Solar Power will employ ReneSola modules at its 53.5-megawatt upcoming two projects, Alamo II based in San Antonio, and the upcoming Texas development project. These projects form part of OCI Solar Power’s multi-stage project, having a capacity of 400 megawatts. ReneSola will also provide 300 watt high-efficiency polycrystalline modules to OCI Solar Power for its aforesaid project.
Horizon Pharma Inc. (NASDAQ:HZNP): Current price $5.99
Horizon will spend $35 million to purchase domestic rights to the arthritis treatment Vimovo from AstraZeneca in a transaction that the drug developer says will accelerate its drive to profitability. The company said on Tuesday that it expects the deal to significantly grow its revenue. In addition to the upfront payment, Horizon also will pay a minimum of $5 million in royalties in 2014, and $7.5 million each year thereafter to Pozen Inc., so long as Pozen’s patents covering Vimovo remain effective. Pozen developed Vimovo along with AstraZeneca.