Citigroup, Netflix, Apple, Sprint Driving News Catalysts for Stock Volume Demand Feb. 15th
Citigroup Inc. (NYSE:C): Preet Bharara, the United States Attorney for the Southern District of New York, announced that the United States has filed, and simultaneously settled, a civil fraud lawsuit against Citimortgage, a subsidiary of Citibank. In the settlement, Citimortgage “admits, acknowledges, and accepts responsibility” for certain conduct alleged in the Complaint including, “[failing] to comply fully with all HUD-FHA requirements with respect to certain loans,” and “[submitting] to HUD-FHA certifications stating that certain loans were eligible for FHA mortgage insurance when in fact they were not.” Citimortgage also admitted that, as a result of its conduct, HUD incurred losses when certain loans that should never have been endorsed defaulted and agreed to pay $158.3M to the United States in damages under the False Claims Act.
Netflix (NASDAQ:NFLX): Netflix’s CEO Reed Hastings suggested the company’s U.S. subscriber base, which stands around 24.4M members, could grow over time to 60M-90M, reported electronista, citing a presentation originally given in November.
Apple Inc. (NASDAQ:AAPL): Amazon China (NASDAQ:AMZN) has pulled Apple’s (NASDAQ:AAPL) iPad 2 from sale after Chinese courts ruled Apple does not hold rights to the name, Slash Gear reports. Sales of the device continue on Apple’s own online store in China as well as other third-party retailers, Slash Gear adds. The decision to pull the iPad 2 from sale on Amazon China was at Apple’s own request, Sina Tech reports, according to Slash Gear.
Sprint Nextel Corporation (NYSE:S): The U.S. Securities and Exchange Commission has told AT&T (NYSE:T) and other telecommunications companies that they must now grant shareholder requests for votes this year on resolutions that would support net neutrality, following an investor-led fight that featured a member of the Beastie Boys and his also-famous wife, reported Bloomberg.
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