UAW Trades Warrants for GM Stock, Macy’s Makes Friends, and 3 More Hot Stocks
General Motors Co. (NYSE:GM): GM announced that the United Auto Workers Retiree Medical Benefits Trust is going to sell $171 million worth of warrants to buy GM common stock, as an offering was priced at $3.85 per warrant on Tuesday via a modified Dutch auction process that took place Tuesday. The closing is expected to occur on or around August 12 subject to customary closing conditions, and Deutsche Bank is overseeing the proceedings.
Macy’s Inc. (NYSE:M): Macy’s and Lids Sports Group (NYSE:GCO) have agreed to form an alliance that will see licensed merchandise departments in Macy’s stores under the Locker Room by Lids brand name, with 25 Macy’s locations receiving the update this year. Another 175 locations will get the change come spring 2014. Each department will contain licensed products associated with professional and collegiate teams, including those in the NFL, MLB, NBA, NHL, and the NCAA, the release said.
Boeing Co. (NYSE:BA): The aircraft manufacturer has reportedly recorded a booking for 50 737 MAX jets from India’s Jet Airways in deal worth some $5.37 billion at list prices, The Wall Street Journal reports. Jet Airways began to take delivery of the first of 46 737 aircraft that it had previously ordered, while Boeing also finalized a booking for three 737 MAX 8 aircraft from the Czech carrier Travel Service in a transaction valued at $301.5 million at list prices.
JPMorgan Chase & Co. (NYSE:JPM): JPMorgan has been targeted by a lawsuit claiming that it and others artificially inflated aluminum prices, making this the second legal challenge related to metal warehousing this week. Long waiting times and inflated prices at metals warehouses across the world puts commodity-owning banks under a harsh spotlight. However, the banks see things differently. “There are no queues at our warehouses,” a JPMorgan spokesman said to Reuters. “We believe this suit has no merit.”
Vivus (NASDAQ:VVUS): Vivus recorded earnings per share of 55 cents, sharply missing estimates by 9 cents, while revenue of $5.5 million missed substantially by $5.2 million as net losses increased year-over-year, largely in response to increased SG&A expenses related to commercialization activities for Qsymia. The latter moved about 81,000 prescriptions during the quarter, though roughly 24,000 were dispensed under the Free Trial Offer.