Toyota Motor Corp. (NYSE:TM): Toyota has recalled 369,000 vehicles worldwide to address some design issues. Most of the recall is related to a potentially faulty transistor in the hybrid system of Highlander hybrids and Lexus RX 400hs on models built between 2006 and 2008. The remaining units affected include 102,000 IS350 sedans, IS350C convertibles, and GS350 sedans built between 2006 and 2011, with problems related to loose bolts on the variable valve timing controller — this can be diagnosed by unusual sounds under the hood when starting up. The issue can cause the engine to stop while driving, though it’s unclear if any of these issues have caused any crashes or injuries.
Herbalife (NYSE:HLF): It appears as though Herbalife has found an ally in fighting against accusations that it’s a pyramid scheme — William Stiritz, CEO of cereal titan Post Holdings, bought a 5.2 percent stake in the the company. Carl Icahn, George Soros, and Perry Capital are already nicely situated in Herbalife, though Ackman has a large short position on the name.
Barclays (NYSE:BCS): The British bank is planning to launch a 5.8 billion pound ($9 billion) rights issue on September 13 in order to meet the regulatory requirements demanding that it boost its capital. Barclays originally announced the plan on July 30, when it said it would offer existing shareholders one new share per every four they own at 185 pence each. That’s a 40 percent discount to Barclays’s share price the day before the announcement, Seeking Alpha points out.
Navistar International Corp. (NYSE:NAV): Navistar shares are slumping after the company reported earnings per share of -$2.94, missing by $1.64, and revenue of $2.86 billion, missing by $0.06 billion. The company’s transition to SCR-based products and weaker industry conditions were cited for the soft results, and North America posed notable challenges for the company’s quarter. However, a $36 million reduction in engineering and product development costs and a $14 million drop in SG&A expenses helped to partially offset the slide.
Broadcom Corp. (NASDAQ:BRCM): Broadcom agreed to purchase a block of LTE-related assets from the affiliates of Renesas Electronics for about $164 million in cash. Though the transaction is expected to trim about 12 cents from EPS in the December quarter and 10 cents-15 cents from EPS for 2014, it is expected to be accretive to earnings in 2015.
Don’t Miss: Toyota Explores a Tundra Engine Menu Expansion.