Toyota Goes to Court, Goldman Sachs Preps for Asset Sale, and 3 More Hot Stocks
Toyota Motor Corp. (NYSE:TM): The first suit in Toyota’s unintended acceleration case is seeing trial in California on Thursday. Opening statements are scheduled to start in Los Angeles, where about 85 personal injury and wrongful death acceleration cases have been consolidated. The suit being tried, which was filed by the husband and son of a woman who died in a crash, is a bellwether with an outcome may point the way to out-of-court resolution of others, Auto News reports.
Goldman Sachs (NYSE:GS): Goldman Sachs is gearing up to sell a majority stake in its European insurance business Rothesay Life — with $9.66 billion in assets — in the next year. Also included in Goldman’s 10-Q filing, the bank says that risk-weighted assets are dropping faster than expected at $600 billion at the end of June compared to the $728 billion a year ago, when CEO Lloyd Blankfein predicted they’d drop to $700 billion by the end of 2013.
Discovery Communications (NASDAQ:DSCA): With Shark Week swimming ahead strongly, the popular programming event — which launched with 4.8 million viewers — shows little signs of slowing. Discovery is on track to beat its 2012 Shark Week record of 21.4 million total viewers, making it the top-rated cable network for people ages 18 to 34 during that time, Bloomberg points out.
Live Nation Entertainment Inc. (NYSE:LYV): Shares are trading up as Live Nation launches a $200 million offering of private notes, due in 2020. The company points out that the offering is contingent on the company landing a new senior secured credit facility. It will use the net proceeds from the offering to repay borrowings under its existing senior secured credit facility, redeem all of its outstanding 8.125 percent senior notes (due in 2018), and pay related fees and expenses.
Crocs Inc. (NASDAQ:CROX): Sterne Agee analyst Sam Poser sent shares trading down after he raised some concerns about the sale of Backjoy.com and the results of an internal audit. Poser noted the possibility that the company’s former chief executive officer may have been fired for pointing out irregularities. “Our checks indicate that there is a very tight group that is loyal to the CEO,” the analyst wrote. ”Unfortunately, it appears that those that concur with the top executives remain at the company at the expense of numerous talented people who have left.”