Wall St. Watch: Google BUYS Users, GM CONQUERING China
Sales at General Motors Co.(NYSE:GM) and its China joint ventures increased 21.3% in May from the previous year to 231,183 vehicles from strong sales of microvans produced in its SAIC-GM-Wuling joint venture. In a statement on Tuesday, the company also said sales from its Shanghai GM, a joint venture with Shanghai Automotive Industry Corp. jumped 7.1% to 99,113 passenger cars. Sales at its Wuling joint venture with SAIC and Liuzhou Wuling Motors Co. increased 34% to 119,721 vehicles.
On Monday, James Giddens, bankruptcy trustee for MF Global Holdings Ltd. (MFGLQ), blamed the company’s former Chief Executive Jon S. Corzine for the events that led to the firm’s implosion. He said he may pursue legal claims of “breach of fiduciary duty and negligence” against the former executive and other firm officials for increasing risks and failing to safeguard customer money, reported The Wall Street Journal.
Chesapeake Energy (NYSE:CHK) has resolved activist investor Carl Icahn’s campaign for four board seats. The company said after “extensive discussions” with Southeastern Asset Management and Icahn–its two biggest shareholders–it will now add four new independent directors to replace the four who plan to resign. Three of the new ones have been proposed by Southeastern and the fourth will come from Icahn.
Google (NASDAQ:GOOG) plans to buy the startup Meebo, who will bring 100 million monthly active users. In a corporate statement, Google said, “We are always looking for better ways to help users share content and connect with others across the Web, just as they do in real life. With the Meebo team’s expertise in social publisher tools, we believe they will be a great fit with the Google Plus team.” The deal’s terms weren’t disclosed by reports have been placed with a $100 million price tag.
Exxon Mobil (NYSE:XOM) may export liquefied natural gas from the United States, according to Reuters. This came after the newswire asked CEO Rex Tillerson whether the company planned to do so by exporting LNG; he responded, “We are studying it.” While natural U.S. gas prices sit at a decade low, Exxon is North America’s largest natural gas producer.