Morning Buzz: Apple Inc. (AAPL), Yahoo (YHOO), Valeant (VRX), SunEdison (SUNE)

Apple Inc. (AAPL) – Apple’s general councel and FBI director James Comey will both testify before the U.S. Congress today as the two sides make their cases over whether or not Cupertino should help the government unlock an iPhone used by one of the shooters in December’s terrorist attacks in San Bernardino, California. Apple did get a favorable ruling in a New York case, with a judge saying the government can not force the iPhone maker to unlock an iPhone in a drug-related case. The ruling could establish some precedent that could be used in the San Bernardino case.

Yahoo! Inc. (YHOO) – The tech giant said it may have to write down the value of blogging site Tumblr, which it bought for $1.1 billion more than two years ago.

“It is reasonably possible that changes in judgments…could cause the company to consider some portion or all of the remaining goodwill of the Tumblr reporting unit to become impaired,” Yahoo said in a SEC filing on Monday.

At its Q415 earnings call Yahoo admitted that it has reduced the value of Tumblr to $230 million.The acquisition was the biggest deal under the leadership of CEO Marissa Mayer.

Valeant Pharmaceuticals (VRX)  — The drugmaker has issued a statement, confirming it received a subpoena from the Securities and Exchange Commission [SEC] in Q415.

Valeant said the SEC probe was one of “several ongoing investigations”.

VRX shares have declined 23.59% in the last 4 weeks and 24.39% in the past three months. Over the past six months the name has lots about 75% of its value.

SunEdison, Inc. (SUNE) – Shares of the struggling renewable-energy developer are nosediving by more than 27 percent in premarket hours after the company filed to delay its 10-K with the SEC. Separately, SunEdison was downgraded this morning to ‘Perform’ from ‘Outperform’ at Oppenheimer.

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