Macy’s Benefits from Rival’s Overhaul and 4 Hot Stocks Sparking Chatter
Macy’s, Inc. (NYSE:M): According to the Wall Street Journal, many are benefiting from J.C. Penney’s (NYSE:JCP) store overhaul and not just the shareholders. The plan has boosted suppliers that have been hired to refurbish Penney’s stores and update their technology. Other beneficiaries include some of the company’s rivals such as Macy’s, Inc. as customers, frustrated with changes at the retailer find new places to shop. Since the new Chief Executive Officer Ron Johnson announced this plan in January, shareholders continue to suffer because Penney’s shares are down about 40% .
New Oriental Education & Technology Group (NYSE:EDU): New Oriental Education & Technology Group announced that the Special Committee of the Board of Directors have completed their review of certain allegations raised in a report issued by Muddy Waters on July 18. No significant evidence to support these allegations has been found.
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Celsion Corp. (NASDAQ:CLSN): Celsion Corporation announced the presentation of Phase I results from the company’s Phase I/II DIGNITY study of ThermoDox in Breast Cancer Recurrences at the Chest Wall during the ESMO 2012 Congress, the annual conference for the European Society of Medical Oncology held in Vienna, Austria September 28 to October 2, 2012. The presentation, titled “Breast Cancer Recurrences at the Chest Wall When Standard Treatments Have Failed: Lyso-thermosensitive liposomal doxorubicin + Mild Local Hyperthermia,” was delivered by Professor Hope S. Rugo, MD, from the University of California San Francisco School of Medicine and provided a clinical update of the Phase I/II DIGNITY trial studying ThermoDox for breast cancer.
Bank of America (NYSE:BAC): Shapiro Haber & Urmy LLP. announced that on September 21, the United States Court of Appeals for the First Circuit issued a decision upholding claims by borrowers in a class action lawsuit against Bank of America. The lawsuit alleged that the bank breached their mortgage contracts and acted in bad faith by forcing borrowers to maintain excessive amounts of flood insurance. In that decision in Kolbe v. BAC Home Loans Servicing, LP, the Court upheld claims that Bank of America breached the terms of Federal Housing Administration mortgages and violated U.S. Housing and Urban Development guidelines by requiring borrowers to carry flood insurance in excess of the amount they owed on their loans. The Court found strong support for these claims in the mortgage contract, and noted that the mission of the FHA loan program is to make home ownership affordable.The Court of Appeals, in a second case, captioned Lass v. Bank of America, N.A., also upheld similar claims that Bank of America demanded more flood insurance than required by federal law or the mortgage agreement.
Apple Inc. (NASDAQ:AAPL): According to the Wall Street Journal, Apple Inc. may be looking at opening their own outlets in India. They have had to sell their products through local, regional and national distributors and pay a fee to each. A rule change last year allowed foreign companies to own 100% in such stores, previously they would have been allowed to own only a 51% in a store that was selling their own branded goods. However, under the new rules, foreign retailers have to source at least 30% of the value of their sales from local firms, this may be a difficult order for Apple to fill.