Market News
Johnson & Johnson (JNJ)
Johnson & Johnson is expanding a voluntary recall of Tylenol Arthritis Caplets due to consumer reports of a moldy smell that can cause nausea and sickness.
Johnson & Johnson had recalled five lots of the product last month after consumers complained of a musty, mildew-like odor that triggered nausea, stomach pain, vomiting and diarrhea. The health care company said the odor results from trace amounts of a chemical called 2,4,6-tribromoanisole. That chemical is believed to result from the breakdown of another chemical used to treat wooden pallets that transport and store packaging materials. To date, the side effects, which also include vomiting and diarrhea, have been "temporary and non-serious," although the health effects of the compound have not been studied.
Dec 29 · 1:59:00 PM · Source: MSN Money
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by Michael Oliveto
IBM (IBM)
IBM announced it will provide information technology (IT) services to Discover Financial Services through 2015 as a result of an extended outsourcing agreement between the two companies.
As part of the agreement, IBM will continue providing management and support for some of Discover’s most critical IT operations. IBM will make investments in software, processing, and storage technologies that will result in improved operations, efficiency, reporting and compliance.
Dec 29 · 1:55:00 PM · Source: PR-Canada · Related: Discover Financial Services
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by Michael Oliveto
IBM (IBM)
IBM announced that it has signed a 10-year information technology (IT) services agreement with Sardar Bhiladwala Pardi People's Co-operative Bank Ltd. (SBPPCB), one of the leading co-operative banks in Gujarat.
The engagement, a complete operational expenditure (pay-as-you-go) model, will enable the bank to save up to 50 percent in its capital expenditure on IT infrastructure. As part of the agreement, IBM will provide Managed Continuity Services encompassing server management, network and security management, backup and database management.
Dec 29 · 1:52:00 PM · Source: CNN Money
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by Michael Oliveto
Home Depot (HD)
Goldman Sachs maintanined its Buy recommendation and raised its price target on Home Depot from $29 to $32.
Home Depot is currently above its 50-day moving average of $27.32 and above its 200-day moving average of $25.73.
Dec 29 · 1:45:00 PM · Source: Smartrend
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by Michael Oliveto
du Pont (DD)
The West Virginia state Supreme Court has again delayed a ruling in DuPont's appeal of a $400 million verdict against the company for polluting the Harrison County town of Spelter.
A ruling now is not expected until the spring 2010 term, which starts in mid-January. Last year, Harrison County jurors ruled against DuPont in a lawsuit that argued the company illegally polluted the community of Spelter, north of Clarksburg, with lead, zinc, cadmium and arsenic from a zinc smelter. The award included a $55 million cleanup plan, a medical-monitoring program worth $130 million and $196 million in punitive damages.
Dec 29 · 1:32:00 PM · Source: Trading Markets
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by Michael Oliveto
Bank of America (BAC)
Kendall Law Group, led by a former federal judge, announced that a lawsuit has been filed against Bank of America for possible securities violations related to public statements made between September 15, 2008 and January 21, 2009. Independently, Coughlin Stoia Geller Rudman & Robbins LLP announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of certain Bank of America Corporation debt securities (the Securities) during the same Class Period.
The complaint, filed in the Southern District of New York, charges Bank of America and certain of its officers and directors with violations of the federal securities laws concerning statements made concealing Bank of America’s agreement that Merrill Lynch employees would receive up to $5.8 billion in bonuses before the merger was consummated. Also, Merrill Lynch had suffered massive losses that were inherited by Bank of America in the merger. The complaint alleges that due to these misleading statements, BAC stock traded at artificially inflated prices during the relevant time period. While the prices were artificially inflated, the Company sold certain debt and equity securities, including 455 million shares of its common stock at $22 per share on October 10, 2008, raising approximately $10 billion capital.
Dec 29 · 1:20:00 PM · Source: Business Wire
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by Michael Oliveto
Boeing (BA)
Boeing’s St. Louis-based defense unit won a $54 million contract from the U.S. Navy for F/A-18 Super Hornet fighter jets and E/A-18G Growler aircraft, the Pentagon said late Monday.
Earlier this month,legislators approved a $636 billion defense spending bill that included billions of dollars in work for Boeing’s defense division.
Dec 29 · 1:03:00 PM · Source: MSN Money
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by Michael Oliveto
Boeing (BA)
Boeing has won a $750 million U.S. Air Force contract for modernization and maintenance of the B-52 Stratofortress bomber fleet's weapons system.
Boeing is among the best-positioned companies among its defense peers due to its balanced exposure to commercial aircraft and defense equipment.
Dec 29 · 12:57:00 PM · Source: Benzinga
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by Michael Oliveto
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