Investors should approach Pandora IPO cautiously
NEW YORK – Investors eager to rush in on Pandora Media Inc.’s Wednesday stock listing may want to take a moment to figure out how the Internet radio service will make money in the years ahead. Pandora shares will start trading in the wake of a spate of initial public offerings for Internet companies that […]
Apple retail executive to lead J.C. Penney
J. C. Penney announced on Tuesday that its chief executive of seven years, Myron E. Ullman III, is stepping aside, to be replaced by Ron Johnson, the top retail executive for Apple. Mr. Ullman will hand over the chief executive reins to Johnson on Nov. 1, and Ullman will become executive chairman of the company. […]
Dr. Reddy's Mexican arm receives FDA warning letter
(MoneyControl.com) — Drug maker Dr. Reddy’s Laboratories on Tuesday said its Mexican arm has received a warning letter from the U.S. health regulator for violation of current goods manufacturing practice regulations. Industrias Quimicas Falcon de Mexico SA has received a warning letter — on four counts — from the U.S. Food and Drug Administration, Dr […]
JPMorgan ousts home-lending chief after foreclosure lapses
June 14 (Bloomberg) — JPMorgan Chase & Co., the second- largest U.S. bank, ousted mortgage chief David Lowman after it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers. “Dave Lowman and I have decided he will leave the firm,” Frank Bisignano, the head of home-lending, said today in an internal employee […]
Google, SolarCity in $280 million deal to fund solar homes
NEW YORK (CNNMoney) — Google and rooftop solar power company SolarCity announced a $280 million investment deal Tuesday, the largest such deal for home-based solar power systems in the United States. The investment will give San Mateo, Calif-based SolarCity the funding to build and lease solar power systems to a 7,000 to 9,000 homeowners in […]
Best Buy profit, sales top estimates
NEW YORK (MarketWatch) — No. 1 U.S. electronics retailer Best Buy Co. said Tuesday that its fiscal first-quarter profit fell 12 percent, hurt by increased promotions and lower demand for items including flat panel televisions and digital cameras. Still, its shares jumped 6.1 percent in premarket trading after its profit and U.S. same-store sales declined […]
Nokia and Apple settle patent dispute over smartphones
BERLIN (New York Times) — Nokia said Tuesday it had settled a two-year-old global patent fight with Apple over smartphone technology through a licensing agreement that will commit Apple to make a one-time payment to its Finnish competitor and to pay regular royalties in the future. The agreement settles all outstanding patent litigation between Apple, the […]
Honeywell to buy EMS Technologies for $506 million
(Reuters) – Diversified U.S. manufacturer Honeywell International Inc. is to buy EMS Technologies Inc for about $506 million to boost its presence in the mobile and satellite communication market. Honeywell offered $33 a share for EMS, a wireless communications products maker, representing a premium of 33 percent to EMS’ last closing price. In May, Reuters […]
Perkins & Marie Callender's files for bankruptcy
(Reuters) − Perkins & Marie Callender’s Inc, owner of the Perkins and Marie Callender’s restaurant chains, filed for bankruptcy in a Delaware court on Monday, citing a slump in sales due to weak economic environment in its primary markets. Perkins & Marie Callender’s, which is owned by New York-based investment firm Castle Harlan Inc, said […]
Facebook looking at IPO in first quarter
NEW YORK − (Reuters) – Facebook is preparing to file for an initial public offering as early as October or November that could value the popular social networking site at more than $100 billion, financial news channel CNBC reported on Monday. Goldman Sachs is leading the chase to manage the lucrative offering, which could come […]