Apple May Pursue Samsung Ban, Best Buy’s Solid Quarter, and 3 More Hot Stocks
Apple Inc. (NASDAQ:AAPL): Apple has the option to seek a block on Samsung (SSNLF.PK) products after the latest bout in the patent war between the two tech giants. In order to implement the ban on Samsung’s products, however, Apple must prove that the features in question were a factor that customers used in choosing which smartphone to buy, though the company doesn’t have to show that it was the single driving factor, the court said in its decision.
Best Buy Co. (NYSE:BBY): Best Buy shares are down nearly 9 percent after a quarterly report that although it saw beats for both earnings and revenue also revealed the company’s gross margin rate fell 60 bps domestically to 23.6 percent. A number of factors — including mobile mix and higher warranty costs — took effect. On a brighter note, comparable sales in the U.S. grew 1.7 percent, while online comparable store sales for Best Buy in the U.S. surged 15.1 percent.
JPMorgan Chase & Co. (NYSE:JPM): JPMorgan will be pulling its plans to manage China Everbright Bank Co. amid U.S. investigations, with the bank’s alleged tendency to hire the children of wealthy and influential Chinese citizens to win business at the core of the probes. JPMorgan told Everbright that it would drop out because the probe has delayed an internal approval process that’s required for handling the offering, sources told Bloomberg.
Nokia Corp. (NYSE:NOK): Nokia shareholders have officially approved the sale of its handset unit to Microsoft (NASDAQ:MSFT), with 99.7 percent of the voting body opting in favor of the deal. The $7.2 billion deal will see former Nokia CEO Stephen Elop come to Microsoft early next year to head up an expanded devices and services team at the PC maker; it’s expected that Nokia will use the proceeds to fish for acquisitions.
Exxon Mobil Corp. (NYSE:XOM): Exxon Mobil has agreed to sell its Hong Kong power assets for $3.4 billion, giving Exxon some needed cash to push back into its core operations. Heavy spending on new projects has been an industry trend, with Exxon spending $33 billion in the first nine months of the year; the oil company’s stake will be purchased by CLP Holdings and state-owned China Southern Grid.