Wall Street Brief: Apple is Getting PREPARED, GM Faces CHALLENGES in Europe
Apple (NASDAQ:AAPL) and Qualcomm (NASDAQ:QCOM) offered Taiwan Semiconductor (NYSE:TSM) more than $1 billion each to secure chip production capacity, but it was rejected in an effort to maintain flexibility, reported Bloomberg. Qualcomm has started looking at other sources while Apple has supposedly been shifting production of its app processors away from Samsung (SSNLF.PK) to Taiwan Semiconductor.
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WellPoint (NYSE:WLP) Chairperson and CEO Angela Braly has resigned, falling to shareholder pressure after the company’s recent poor performance. In the interim, EVP John Cannon will take over as CEO during the search for a replacement. Top director Jackie Ward has been named non-executive chair.
While GM (NYSE:GM) faces struggles in Europe, it will invest $1 billion over the next five years in the fast-growing Russia market. Tim Lee, a GM executive, said that the company which manufactures vehicles at three Russian sites, plans to use a portion of the cash to raise capacity.
ING (NYSE:ING) might sell its $1 billion Hong Kong insurance unit separately from its other Asian operations, reported Reuters. This could speed up the process and glean an improved value from a potential buyer focused only on Hong Kong. It may also allow ING to accept lower bids for its South Korean and Japanese businesses, which hasn’t gone well so far.
KKR (NYSE:KKR) is supposedly in negotiations to invest about YEN100 billion ($1.3 billion) in Renesas (RNECY.PK) in a deal that would give the private equity firm a controlling interest in the company; it is owned by NEC, Hitachi and Mitsubishi Electric (MIELF.PK). The rumors led to Renesas’ shares jumping 35 percent in Tokyo.
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