What’s Moving These Hot Stocks: Sirius XM, Apple, RIMM, First Solar
SIRIUS XM Radio Inc. (NASDAQ:SIRI) reports that “Yesterday, New York State Supreme Court Judge Barbara Kapnick granted our motion for summary judgment and dismissed with prejudice the case brought against us by One Twelve, Inc., Howard Stern’s production company, and Don Buchwald, Stern’s agent. In March 2011, One Twelve and Buchwald commenced an action against us in the Supreme Court of the State of New York, County of New York. The action alleged that we failed to honor our obligations under the performance-based compensation provisions of our prior agreement dated October 2004 with One Twelve and Buchwald, as agent; One Twelve and Buchwald each asserted a claim of breach of contract. The Court found the agreement unambiguous and that we had complied with all our obligations under the agreement.” Judge: Sirius Doesn’t Owe Howard Stern A Dime>>
Apple Inc.’s (NASDAQ:AAPL) shares are showing signs of losing the huge rally investors have enjoyed over the past days, and the Wall Street Journal says that if they fall, much of the market could fall along side. Apple shares are bouncing back today. The Journal also reports that Domino’s Pizza (NYSE:DPZ) will keep their presence in China, India and other emerging markets, as they will rely upon the ‘traditional’ pizza delivery.
IBM (NYSE:IBM) will release its earnings Tuesday night as shareholders look for strong demand for software to help the company grow its full year forecast. Also by Reuters is a report by Financial Times Deutschland, that Deutsche Telekom (DTEGY) may try to divest its units in Britain and the Netherlands in 2013.
Freeport-McMoran’s (NYSE:FCX) offerings in copper constitute the best chance for mining companies willing to go big, and might get the interest of Rio Tinto (NYSE:RIO), BHP Billiton (NYSE:BHP), or Anglo American (AAUKY), according to Bloomberg. Also reported by that agency is that Standard Chartered (SCBFF) and Barclays (NYSE:BCS) are expanding in Saudi Arabia, while their earnings are supplemented by rising oil prices and record bond sales.
Research In Motion Limited (NASDAQ:RIMM) is mulling the employment of a financial advisor to assist the licensing of its software, or broker a strategic outside investment, according to AllThingsD, which says that the actions are not to help sell itself.
First Solar, Inc. (NASDAQ:FSLR) says that its operational restructuring is in response to weakening market conditions in Europe, and also for cost reduction, and alignment of its organization with market opportunities that can be sustained. Measures to come out of this program include the closing of First Solar’s manufacturing operations in Frankfurt by the fourth quarter of the current year; the indefinite idling of four production lines in Kulim, Malaysia on May 1st; and personnel in both the U.S. and in Europe. The results of the actions should reduce the company’s worldwide workforce by around 2,000 positions, or 30 percent of the whole. Additionally, restructuring moves are projected to shrink costs by $30 million to $60 million in 2012, and from $100 million to $120 million yearly, in the future.
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