Vringo BUYING Global Patents from Nokia and 3 Hot Stocks Trending Today
The low interest rate regime inflicts a $677 million charge on Manulife (NYSE:MFC) resulting in the insurer reporting a quarterly loss of $300 million. CEO Donald Guloien doesn’t sound very confident of meeting the company’s target to earn $4 billion in 2015, saying it could be “more of a stretch.”
Restaurant chain Brinker International (NYSE:EAT) sees same-store sales growth of 2.2 percent at Chili’s and 1.9 percent for Maggiano’s; other positives include an improvement in operating margin by 130 bps to 19.6 percent. Guides FY13 EPS in the range $2.30-$2.45 riding on comparable sales growth of 2-3 percent.
Pharma company Sunesis (NASDAQ:SNSS) reports a quarterly net loss of $8.6 million on revenues of $1.5 million which were a payment in June 2012 for the advancement of pre-clinical work under the company’s multi-kinase inhibitor collaboration agreement with Biogen Idec. The company’s cash and securities balances at the end of June aggregated $29.3 million. The phase III trial of its Valor leukemia treatment, which has so far enrolled 391 patients, will be reviewed next month for deciding on whether to continue the trial.
Mobile technology company Vringo (AMEX:VRNG) is buying more than 500 global patents from Nokia (NYSE:NOK), and says “The portfolio encompasses a broad range of technologies … 31 of the 124 patent families acquired have been declared essential by Nokia to wireless communications standards.”