Sony Addresses Loeb Proposal, Rio Tinto Settles With Mongolia, and 3 More Hot Stocks
Sony Corporation (NYSE:SNE): CEO Kazuo Hirai indicated that the company was going to take its time in reviewing a proposal from shareholder Daniel Loeb, who suggested to the company that it spin off its entertainment arm. Hirai reaffirmed that the branch was not for sale, but the company would continue to explore the proposal. Meanwhile, investors are turning back to Loeb for the next step in bringing Sony’s costs down.
Rio Tinto (NYSE:RIO): The mining giant is intending to begin exporting copper from the $6.2 billion Oyu Tolgoi in Mongolia on June 21st, after the company resolved demands from the government. The company received permission to hold the revenue that it makes at the mine anywhere it wants. Mongolia had demanded that Rio keep all the income in the country, prompting the miner to delay the start of exports.
Nike Inc. (NYSE:NKE): ”The more uses there are for the FuelBand, the more it becomes something you will never take off,” says Nike’s Stefan Olander, regarding Nike’s push to encourage software developers to build apps for its FuelBand monitoring device. The company has not exactly been spot-on with electronics, and is hoping it can repair its reputation with more app offerings to increase user engagement.
Goldman Sachs Group (NYSE:GS): Goldman has been left behind in Smithfield Foods’ (NYSE:SFD) purchase by Shuanghui International, after the company found out about Goldman’s holdings in the Chinese firm. Chairman and CEO Lloyd Blankfein has said conflicts are a way of life in the business, but insists Goldman manages them just fine.
NVIDIA (NASDAQ:NVDA): In response to gamer feedback, NVIDIA has cut $50 from the price of its Shield gaming console, to $299 — still $50 above the $249 that Sony charges for its PS Vita. The Shield launches on June 27th, and is aimed at sparking an interest in high-end Android-based gaming, which if successful, could indirectly benefit NVIDIA’s mobile processors and GPU core businesses.
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