- HSBC (NYSE:HBC) upgraded to Buy from Neutral at Citigroup
- Palo Alto (NYSE:PANW) downgraded to Buy from Conviction Buy at Goldman – Target $75
- Quintiles (NYSE:Q) initiated with a Hold at Jefferies – Target $41
- T-Mobile (NYSE:TMUS) initiated with a Hold at Canaccord – Target $22
- Fusion-io (NYSE:FIO) initiated with a Buy at Needham – Target $20
Japanese company Sony (NYSE:SNE) confirmed on Tuesday that it will review a proposal from hedge fund investor Daniel Loeb, that’s suggests the Japanese company should list its entertainment business. This news comes after Mr. Loeb’s fund Third Point LLC raised its stake in the electronics company to 7% from 6.5%. “The entertainment businesses are important contributors to Sony’s growth. We look forward to continuing constructive dialogue with our shareholders as we pursue our strategy,” Sony said in a statement, reiterating previous comments.
Mobile telecommunications company Sprint (NYSE:S) has filed a lawsuit to block Dish’s (NASDAQ:DISH) tender offer for Clearwirire Corp (NASDAQ:CLWR) of $4.40 a share. Sprint is claiming that the deal, which was endorsed by Clearwire this past week, violates the rights of Sprint and other “strategic” investors, as well as violating Delaware Law. Sprint, who holds a majority stake in Clearwire Corp, also stated that the offer cannot be concluded until it reaches at least 75% approval of shareholders. Dish spokesman Bob Toevs said: “We are reviewing the complaint and considering our options.”
Although Tech giants of the likes of Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) continue to go all out to maintain their taxable income overseas, Citigroup (NYSE:C) continues trying to shift more of this type of profit at home. The reason being, the financial juggernaut has a $55 billion tax credit and deductions that it will seek to use up.
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