New 52-Week Lows: World News Affects BP, Flir and Credit Suisse
Best Buy Co. (NYSE:BBY)’s board has released findings of an independent investigation into personal conduct claims regarding former CEO Brian Dunn (who left the company last month). Notable findings are: Dunn went against Best Buy policy when he engaged in a very close personal relationship with a female employee that had negative ramifications on the workplace. This association showed very poor judgment and a deficit in professionalism, but no wrong use of company resources could be demonstrated, including no misuse of aircraft. Plus, during the investigation, it was shown that the Chairman of the Board of Directors behaved inappropriately by neglecting to bring the issue to the Board’s Audit Committee when he first learned of the matter (in December of last year). As a result, this subcommittee will begin a campaign to consider and improve, if appropriate, the company’s corporate rules and regulations. Best Buy shares closed at $19.56 (up $0.28 or 1.45% on the day), having traded in a 52-week range of $21.13-$32.85.
BP (NYSE:BP): In news from the Middle East, Israeli Defense Minister Ehud Barak plans to leave all options for dealing with Iran on the table, as reported by Globes. Additionally, Barak said that his country believes the West is making too indulgent demands on Iran, which will allow the country to continue pursuing development of nuclear weapons. BP shares closed down $0.79 or 1.99% on the day at $38.86, having previously traded in a 52-week range of $33.62-$48.34.
Credit Suisse Group (NYSE:CS): The Financial Times is reporting that the unexpected $2B loss at JPMorgan Chase (NYSE:JPM) may have wider ranging consequences than the initial focus on how this could reform the Volcker rule debate. Rather, the financial journal anticipates potential speed-ups by global regulators in making the world’s largest banks shape up their trading risk models. Credit Suisse shares suffered yesterday, closing down $0.56 or 2.65% at $20.56. The firm’s shares have traded in a 52-week range of $21.18-$45.77.
Flir Systems (NASDAQ:FLIR): Defense News reported last week that U.S. Special Operations Command is aiming to begin a global network connecting special operations forces, according to a Special Operations Command deputy commander. This network, the report said, would include the special forces of nations allied with the U.S. Flir shares closed down $0.31 or 1.45% on the day at $21.08, having traded in a 52-week range of $21.86-$37.29.
Infosys Limited (NASDAQ:INFY) is looking for European acquisition as it trades at its lowest price since the financial crisis, according to Bloomberg. The Indian software services company has $4B in cash, and may be focusing in on French companies from Sword Group to GFI Informatique. Shares of Infosys closed at $43.30, down 0.98% or $0.43 on the day. The shares have traded in a 52-week range of $44.45-$68.52.
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