Former AMD Employee Provides Insider Trading Information and 2 Other Hot Stocks To Watch
Advanced Micro Devices (NYSE:AMD) Current price $4.18
The former AMD employee Mark Anthony Longoria, who pleaded guilty to insider-trading charges and subsequently testified at trials against others, is set to be sentenced July 1 by United States District Judge Jed Rakoff in Manhattan. However, Assistant U.S. Attorney Antonia Apps stated in a letter to the court filed on Wednesday that Longoria deserves leniency when he’s sentenced, because he provided “substantial assistance” to the government in its inquiry and prosecution of others. Longoria pleaded guilty in June 2011, admitting that he passed confidential data concerning AMD’s gross margins and revenue to hedge fund managers in 2009 and supplied inside information regarding to the hard-drive maker Western Digital Corp., when he worked for that firm in 2006.
Sprint Nextel Corporation (NYSE:S): Current price $6.94
On Wednesday, Sprint and Microsoft Corp. described their plans to introduce the first two Windows Phone 8 smartphones that will offer Truly Unlimited Sprint 4-gigabyte LTE this summer: HTC 8XT and Samsung ATIV S Neo. Customers will gain access to the advanced features and capabilities of these devices, benefitting from unlimited 4-gigabyte LTE data, text, and calling, to any mobile without metering, throttling, or overages, all while on the Sprint network. HTC 8XT will be available at $99.99 with a new line or eligible upgrade, a two-year service agreement, and a $50 mail-in rebate via reward card. ATIV S Neo will go for $149.99, also with a new line or eligible upgrade, a two-year service agreement and a$50 mail-in rebate via reward card.
Citigroup (NYSE:C): Current price $47.41
Citi says that it looks to benefit from an estimated $1 trillion of infrastructure spending in Iraq while that country rebuilds roads and bridges following the war. This week, the bank received the green light to open a representative office in Baghdad, and will also consider additional offices and branches in Iraq, said Mayank Malik, Chief Executive for Iraq, Jordan, Syria and the Palestinian territories, in an telephone interview. Iraq marks Citi’s first country opening in six years, and takes place as Chief Executive Michael Corbat endeavors to divest or scale back consumer operations in nations like Turkey, Pakistan and Uruguay, reversing an expansion strategy into rapidly-growing economies by the former Chief Executive Vikram Pandit.
Investing Insights: Where Will Microsoft Go Next?