Google Hits a Snag on Waze Buy, Pershing Dumps J.C. Penney, and 3 More Hot Stocks
Google (NASDAQ:GOOG): The U.K.’s Office of Fair Trading will reportedly be investigating Google’s acquisition of the Waze mobile traffic app and is asking for comment on whether the $1 billion transaction will cross its merger control thresholds. According to Seeking Alpha, there could be three potential outcomes: the OFT could clear the acquisition, give it conditional clearance that requires Google to make divestments, or refer it to the Competition Commission, the senior regulator.
J.C. Penney (NYSE:JCP): According to a report by CNBC, the offering of J.C. Penney stock was heavily oversubscribed after Bill Ackman’s firm dumped its entire 39.1 million share holding in the retailer. Citigroup picked up the block and is now offering it at $12.90 per share. The trades have cost the hedge fund hundreds of millions of dollars, as it bought the position in 2010-2011 for around $25 per share.
Nasdaq OMX Group (NASDAQ:NDAQ): Nasdaq and the NYSE (NYSE:NYX) are having a mudslinging fight over last week’s three-hour outage at the Nasdaq exchange, with each blaming the other for the failure. Apparently, the trading halt was brought on by connectivity problems between the NYSE’s electronic stock market, Arca, and Nasdaq’s Securities Information Processor, which collects and distributes stock prices to the market.
LDK Solar Co. Ltd. (NYSE:LDK): Earnings per share of -97 cents missed by 6 cents, while revenue of $114.7 million also missed, by $4.5 million. Though the company recorded its ninth consecutive quarterly loss, it did show some quarter-over-quarter progress. LDK shipped 303.9 MW of wafers and 35.3 MW of cells and modules; it expects to ship 350 MW of wafers and as much as 80 MW of cells and modules in the third quarter.
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