Sirius Gets Sued, Onyx Wins Priority Review, and 3 More Hot Stocks
SiriusXM Radio Inc. (NASDAQ:SIRI): A lawsuit has been brought against SiriusXM by SoundExchange, which claims that it was “systematically” underpaid for licensing music to the satellite radio service. SoundExchange is looking for a $50 million payout from SiriusXM and says that the latter in particular reduced by 10 percent to 15 percent the gross revenues it reports to calculate the royalties because that corresponded with performances of pre-1972 recordings.
Onyx Pharmaceuticals (NASDAQ:ONXX): The Food and Drug Administration has given Bayer and Onyx Pharmaceuticals priority review designation for their application to use their Nexavar (sorafenib) drug against a difficult-to-treat type of thyroid cancer, Seeking Alpha reports. With priority review, the FDA will attempt to complete the review within six months, rather than nine.
PetroChina Company Ltd. (NYSE:PTR): Three of PetroChina’s executives are being investigated for “serious disciplinary violations” just a day after China’s anti-graft agency said it is investigating a top official at the company’s parent entity for the same reason. The probe may be a result of the recently closed Bo Xilai trials. Bo is a prominent politician who is now awaiting a verdict on charges of corruption, bribery, and abuse of power.
Movado Group Inc. (NYSE:MOV): Earnings per share of 44 cents beat by 12 cents as revenue of $138.3 million also beat, by $2.39 million. Operating income saw gains of 59 percent, more than triple the company’s top-line growth, due largely to “the disciplined execution of growth strategies [and the] leveraging of infrastructure.” The company is looking for $1.90 per share on revenue of $575 million-$580 million for the third quarter versus previous guidance of $1.80 per share on $570 million-$575 million in sales. The consensus holds at $1.82 per share and sales of $570 million.
Bank of Montreal (NYSE:BMO): Bank of Montreal has reported EPS of 1.68 Canadian dollars, beating by 0.16 Canadian cents. Net income rose 12 percent to $1.1 billion with a Basel III Common Equity Ratio of 9.6 percent. The income is largely related to lower-than-expected loan-loss provisions, which fell to just $77 million from $237 million a year ago, and expectations for $189 million.