Wal-Mart Eyes Hong Kong Retailer, AngloGold’s Trying Quarter, and 3 More Hot Stocks
Wal-Mart (NYSE:WMT): Wal-Mart is considering a bid on the ParknShop grocery store chain in Hong Kong, which is said to be worth as much as $4 billion with 380 stores in the region. The brand’s current owner, Hutchison Whampoa Ltd., has set a deadline for initial offers of August 16. Private equity firms KKR (NYSE:KKR) and Blackstone (NYSE:BX) are also said to be interested.
AngloGold Ashanti Ltd. (NYSE:AU): Shares are down slightly as the company reports an adjusted headline loss of $135 million against a profit of $113 million a year earlier. Revenue fell to $1.30 billion from $1.68 billion during the period while the company booked a $3.2 billion charge for special items including $2.98 billion for impairment of goodwill, tangible and intangible assets. The mining firm will also cut 40 percent of 2,000 corporate-level jobs over the next 18 months, reduce exploration and evaluation programs to three core regions, and pull out of over a dozen countries to slash costs.
ING Groep N.V. (NYSE:ING): Although net profit fell 39 percent to 788 million euros (versus the consensus of 907 million euros), shares are up over 6 percent as underlying profit rose 14 percent, beating analyst expectations at 1.15 billion euros. The report signals that the company’s restructuring plan, which involves dropping expenses by 1 billion euros by 2015, is on track. The bank announced with the report that it’s also studying ways of expanding the cost-cutting strategy.
Chesapeake Energy Corp. (NYSE:CHK): Chesapeake has pulled itself out of a two-year legal battle in which it was fighting to extend leases to drill for natural gas on thousands of acres of land in New York. The company originally obtained the licenses in 2000, prior to the upswing in shale. Chesapeake wanted to retain the leases on the original terms and has argued that New York’s five-year moratorium on hydraulic fracturing allowed it to do so.
Dish Network (NASDAQ:DISH): Harbinger Capital Partners has sued Charlie Ergen and his company for $4 billion over claims that it perpetrated an allegedly fraudulent scheme to become LightSquared’s biggest lender in an attempt to relieve Harbinger of its control over the now bankrupt communications company. The suit seeks $2 billion in compensation and $2 billion in punitive damages, Reuters reports.
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