GM Settles Asian Labor Unrest, Lululemon Pushes Menswear, and 3 More Hot Stocks
General Motors Co. (NYSE:GM): GM’s workers in South Korea have approved an annual wage deal, putting an end to nearly two weeks of partial strikes at the factory where GM produces more than 40 percent of its Chevy-branded cars, Reuters reports. The deal includes bonuses of 10 million Korean won, or $9,000, and a promise of no layoffs, union spokesman Choi Jong-hak told the publication.
Lululemon Athletica (NASDAQ:LULU): Lululemon is trying to push past its reputation as a women-only brand, and will be outfitting a good percentage of the 173 bankers, traders and analysts who will be gathering for the fifth-annual Wall Street Decathlon. The company, which has taken a bit of a beating in the markets since the announcement of its CEO’s departure, is also looking to expand into the running and golf apparel industries.
AbbVie Inc. (ABBV): Second-quarter earnings per share of 82 cents beat estimates by 3 cents as revenue of $4.69 billion beat projections by $0.15 billion. The latter saw a 4.4 percent gain and 10.3 percent excluding TriCor and Trilipix sales due to a loss of exclusivity and currency swings. Humira sales grew 12.1 percent globally and 16 percent in the U.S.
Toyota Motor Corp. (NYSE:TM): With the numbers in, it appears that Toyota has edged out General Motors for sales during the first half of the year, with 4.91 million vehicles moved to GM’s 4.85 million. Aggressive discounting undoubtably played a role in the company’s strong performance, though GM actually outsold Toyota in the second quarter by a slim margin of about 10,000 vehicles.
Activision Blizzard Inc. (NASDAQ:ATVI): Activision Blizzard shares are racing over 13 percent on the heels of the announcement that it will be buying back $5.8 billion in shares from Vivendi for $1.2 billion in cash and a debt of $4.6 billion, while a group led by Activision CEO Bobby Kotick and co-Chairman Brian Kelly will acquire 172 million shares for $2.34 billion. Vivendi will keep a 12 percent stake in the company after the deal is over.