Hewlett-Packard Ends Price-Fixing Lawsuit and 2 Other Dow Movers to Watch
Hewlett-Packard Co. (NYSE:HPQ): Current price $27.02
HP has ended a lawsuit in which it claimed that Chunghwa Picture Tubes Ltd. and Tatung Co. of America Inc. were fixing the prices of liquid-crystal display screens. In a Thursday filing in federal court in San Francisco, the three parties agreed to the dismissal of the case filed in 2012, but the document did not shed any light upon why Hewlett-Packard is dropping its claims against the Taiwanese firms. The plaintiff had alleged that it incurred over $1 billion in damages from overcharges for the screens that it bought via its Singapore unit and a Taiwan-based procurement service.
Chevron Corp. (NYSE:CVX): Current price $123.95
On Friday, Chevron reported a steeper-than-anticipated 26-percent plunge in quarterly profit, while lower oil prices cut into oil and gas output earnings and its domestic refining unit in California slowly rebounded from a refinery fire in 2012. The oil major’s second-quarter net income slid to $5.37 billion, or $2.77 per share, from $7.21 billion — or $3.66 per share year-on-year against a consensus of $2.96 per share, according to Thomson Reuters I/B/E/S. Chevron produced 2.58 million barrels of oil equivalent per day versus 2.62 million bpd in 2012. Shares are down more than 2 percent in early afternoon trading in New York.
International Business Machines Corp. (NYSE: IBM): Current price $194.41
The Pennsylvania Department of Labor and Industry announced Thursday that the state is stopping an IBM computer project that it says is 42 months behind schedule and over $60 million over budget, according to The Motley Fool. The IBM computer system, which is known as the Unemployment Compensation Modernization System, was created to calculate and supply unemployment compensation benefit payments, but a study commissioned by the Department and conducted by Carnegie Mellon University’s Software Engineering Institute found that, “The Contractor track record of ineffective project management led to weaknesses in process and practice discipline.”