Moody’s Raises GM’s Debt, Dish Wins in Court, and 3 More Hot Stocks
General Motors (NYSE:GM): Moody’s announced that it is raising the rating of General Motors’s debt to investment grade. This comes after a flurry of good news for the automaker, including a planned buyback of $3.2 billion of preferred stock from the United Auto Workers’s health care trust and news that the Fed is planning to sell out of its position in General Motors earlier than had previously been anticipated.
Dish Network (NASDAQ:DISH): Dish scored a legal victory yesterday when a California judge denied an injunction against the company. Controversy has erupted over the legality of the company’s Hopper, which allows television viewers to skip over advertisements. This has drawn the ire of broadcasters, who fear that the service may undermine revenues. Fox declared that it would continue to challenge the device through other legal channels.
Teva Pharmaceutical (NYSE:TEVA): Teva declared that it will be launching a generic Adenoscan. A version of the drug marketed for arrhythmia by Astellas, Teva gains access to a short period of exclusivity, lasting slightly less than half a year, by virtue of being the first company to file for such a product. Adenoscan currently has American sales of over $60 million per year.
National Oilwell Varco (NYSE:NOV): National Oilwell Varco announced that it would begin to explore the possibility of spinning off its distribution business from the rest of its operations. This could add value to the company if the split is accomplished in a tax-efficient manner. The split is expected to be completed sometime in the first half of 2014, pending approval by the relevant parties.
Sears Holdings (NASDAQ:SHLD): The CEO of Sears Canada, Calvin McDonald, has declared his intention to resign his post. He will be replaced by current COO of the branch, Douglas Campbell. The company, which has posted 18 straight quarters of declining revenue, has not seen any results from a supposedly radical overhaul of its strategy, which was announced last year.