News Corp Loses Bid in London Phone-Hacking Inquiry and 2 Other Hot Stocks to Watch
News Corp. (NASDAQ:NWSA): Current price $14.98
Justice George Mann ruled in London on Friday on the News Corp. United Kingdom division’s attempt to block the release of police documents to victims in a second phone-hacking inquiry. Mann decided that the police should provide victims with the information to assist them in developing their claims, commenting, “It might be better for victims to be in ignorance for a longer rather than a shorter time, but it can hardly be better for claimants.” Meanwhile, News Corp. Chairman Rupert Murdoch agreed to testify before Parliament for a second time this week following a tape recording being published by ExaroNews, in which he complained about the two-year-old police investigations into phone-hacking and bribery.
Merrimack Pharmaceuticals Inc. (NASDAQ:MACK): Current price $5.09
Merrimack on Friday announced its intention to offer — subject to market and other conditions — $50 million of its common stock and $75 million in aggregate principal amount of its convertible senior notes due 2020 in concurrent underwritten public offerings pursuant to Merrimack’s effective registration statement on Form S-3. The firm expects to grant the underwriters in the common stock offering an option, exercisable for 30 days, to buy as much as $7.5 million of its stock and up to an additional $11.25 million in aggregate principal amount of the notes.
Valero Energy Corp. (NYSE:VLO): Current price $35.35
Valero on Thursday said it expected lower second-quarter earnings because the price of some of the crude oil it processes increased. In a news release, Valero said its quarterly earnings will be lower year over year “due to significantly lower discounts for heavy sour crude oil, higher natural gas costs, higher costs to comply with the Renewable Fuels Standard.” Valero expects second-quarter earnings of between 80 and 90 cents per share, which includes a 5 cent per share charge linked to its May 1 spinoff of CST Brands to shareholders.
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