Nokia’s New Phone and Sony Spin-off Speculation: Morning Buzzers
U.S. stock futures were a mixed back on Tuesday morning. U.S. export prices fell 0.7 percent on the month, more than expected, while import prices fell 0.5 percent, in line with expectations.
Futures at 8:45 a.m.: DJIA: +0.02%, S&P 500: +0.07%, NASDAQ: -0.02%.
Here’s what’s buzzing on Tuesday Morning:
Verizon Wireless – owned by Verizon (NYSE:VZ) and Vodafone (NASDAQ:VOD) — announced that its board has elected to distribute $7.0 billion to its owners in the form of a special dividend. Neither parent company has commented on the payout so far, but the decision has surprised analysts and observers who were expecting a “lean” dividend after comments from Verizon CEO Lowell McAdam to that effect.
Tesla (NASDAQ:TSLA) stock continued to climb on Tuesday morning, adding as much as 6 percent in pre-market trading. Shares are up 102 percent over the past month, having surged after the company posted a profit. Recent gains are likely fueled by short covering.
BlackBerry (NASDAQ:BBRY) climbed as much as 1.5 percent in pre-market trading on speculation that CEO Thorsten Heins will introduce a lower-priced phone in a keynote speech during the company’s annual meeting, set to begin on Tuesday.
Optimer Pharmaceuticals (NASDAQ:OPTR) climbed 14 percent on Monday following reports that companies like AstraZeneca (NYSE:AZN) and Cubist Pharmaceuticals (NASDAQ:CBST) are bidding for the antibiotic manufacturer. People familiar with the matter tell Bloomberg that Optimer will make presentations to the bidders, which already have partnerships with the company, later in the month.
Nokia (NYSE:NOK) stock fell as much as 3.6 percent in pre-market trading. The company introduced the Nokia Lumia 925, “a new interpretation of its award-winning flagship,” but investors seem unimpressed. According to a statement, “The Nokia Lumia 925 introduces a metal design and showcases the latest PureView camera innovation, new features, and third party applications coming to the Nokia Lumia range.”
Sony (NYSE:SNE) stock climbed as much as 7.7 percent in pre-market trading. Third Point, the hedge fund run by Daniel Loeb, is calling for the company to spin off its entertainment division through an IPO. Loeb suggests that such a move could send Sony stock up as much as 60 percent.
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