Market News
McDonald's (MCD)
Credit Suisse upgraded McDonald's from Neutral to Outperform. Price target was raised from $69 to $71.
Jan 19 · 12:44:00 PM · Source: Newratings.com
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by Rich Pike
Darden Restaurants (DRI)
Standpoint Research initiated coverage for Darden Restaurants with a recommendation of Buy. Their price target is $45.00.
Jan 19 · 12:27:00 PM · Source: StreetInsider.com
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by Rich Pike
Dell (DELL)
Synchronoss Technologies, Inc., a global provider of on-demand transaction management software platforms, today announced that its ConvergenceNow® Plus±™ platform has been selected by Dell Inc. to globally enable on-demand activations of Dell’s entire connected device portfolio, including Dell’s first smart phone, designed on Google’s Android Operating System. The ConvergenceNow® Plus+ platform will enable Dell to offer its customers across the globe a unique experience via the online channel including streamlining subscriber management functions, as well as, cross channel global service activation with multiple service providers. The initial markets supported will be North America and Europe, and then expanding on a global basis throughout 2010.
Jan 19 · 12:00:00 PM · Source: Company Press Release
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by Larry Etter
HP (HPQ)
The Hewlett-Packard Company Foundation today announced that it has committed $500,000 to the American Red Cross International Response Fund to support relief efforts in Haiti following the earthquake that devastated the country this week. The HP Company Foundation also announced that it has committed up to $250,000 to match eligible contributions by employees of HP in support of the earthquake relief efforts.
Jan 19 · 11:29:00 AM
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by Larry Etter
Apple (AAPL)
Eastman Kodak Co. filed suits Thursday against Apple Inc. and Research In Motion Ltd. charging those companies with violating patents related to digital camera and digital imaging technologies. In a filing with the International Trade Commission, Kodak alleges Apple's iPhones and RIM's camera-enabled BlackBerry devices violated patents related to a method for previewing digital images. Kodak also filed two suits against Apple in the U.S. District Court for Western New York, charging Apple with infringing on patents related to digital cameras and certain computer processes.
Jan 18 · 12:06:00 PM · Related: Eastman Kodak
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by Larry Etter
Steak N Shake (SNS)
The Indianapolis Business Journal is reporting that Steak n Shake Co. CEO Sardar Biglari bought 1,000 shares of the Indianapolis-based burger chain last week in another big bet the company's shares are undervalued.
Biglari, 32, paid about $290,000 to buy the shares on Jan. 7 and Jan. 8, according to an SEC filing. Biglari now controls about 6 percent of the company's 1.4 million shares. His stake is worth more than $26 million.
The Texas hedge fund manager used a proxy fight to gain control of Indianapolis-based Steak n Shake in 2008, then halted restaurant expansion, cut costs and introduced aggressive promotions to revive the struggling chain. The moves helped the 75-year-old chain late last year snap a 14-quarter streak of declining same-store sales.
The moves also allowed Biglari to stockpile cash and turn Steak n Shake into a holding company for non-restaurant investments. He cut capital expenditures from an average of $55 million per year to just $5.8 million in 2009, electing to save cash for other investments.
The company in December offered to acquire the outstanding shares of Fremont Michigan Insuracorp Inc. and initiated a 1-for-20 reverse stock split to discourage short-term investors.
Jan 15 · 10:42:00 AM · Source: IBJ.com
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by Rich Pike
Ruth's Hospitality Group (RUTH)
Ruth's Hospitality Group announced today that it has set the terms for its previously announced common stock rights offering. Under the terms of the rights offering, the Company will distribute at no charge to the holders of its common stock as of 5:00 p.m., New York City time, on January 20, 2010 one transferable subscription right for each share of Company common stock then owned. Each subscription right will entitle the holder to purchase 0.579232 shares of common stock at an exercise price of $2.50 per share.
Jan 15 · 10:14:00 AM · Source: Company Press Release
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by Rich Pike
Starbucks (SBUX)
Seattlepi.com is reporting that Starbucks Corp. says it plans to close a 130-worker call center at its Seattle headquarters, using an outside company in Albuquerque, N.M., to handle customer feedback.
Starbucks spokeswoman Stacey Krum characterized the change as an effort to better manage feedback, rather than a cost-cutting move. The Seattle company did not disclose details of its arrangement with Sitel.
Krum says the company hopes to find jobs for the affected employees elsewhere at Starbucks. If they are laid off, they will receive severance pay and help in finding another job.
Jan 15 · 9:56:00 AM · Source: Seattlepi.com
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by Rich Pike
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