Morning Beat: Twitter Inc (TWTR), Exxon Mobil Corporation (XOM), and Valeant Pharmaceuticals Intl Inc (VRX)
Everything seems to be working well for Twitter Inc (NYSE:TWTR)’s CEO Jack Dorsey. Just days after being confirmed as the permanent CEO for the micro-blogging site, his other brainchild Square has filed for an IPO. The filling shows that he is the largest shareholder with a 24.4% stake, valued at about $1.46 billion. The filing of the IPO, however, continues to raise concerns about Dorsey’s ability to juggle his responsibilities between the two companies.
The executive has already refuted suggestions that his ability to spearhead a turnaround of Twitter Inc (NYSE:TWTR) will be adversely affected. By the look of things, that seems to be the case seen by the recent unveiling of new features at Twitter. He is also in the process of restructuring the company’s power structure as seen by recently proposed layoffs.
Exxon Mobil Corporation (NYSE:XOM) will not incur additional charges from the devastating 1989 Valdez oil spill. State and Federal governments have decided against pursuing additional damages that could have resulted in fines of up to $92 million.
Government attorneys have indicated that the remaining oil patches pose no danger to the recovery of sea otters or harlequin ducks. The sentiments are a big relief for Exxon Mobil Corporation (NYSE:XOM), which has until now incurred $900 million as part of a settlement. There is still more than $200 million in settlement funds that could be used in future to address any restoration needed.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is the subject of investigations in the US over the way it prices and distributes drugs. The Canadian company has confirmed receiving subpoenas requesting it to share more information on the various programs it runs.
Prosecutors are demanding documents covering various product distribution plans and pricing decisions. Valeant has already responded to questions raised by Senator Claire McCaskill over the pricing of its two drugs Nitropress and Isuprel.
The probe comes on the heels of Democratic presidential candidate Hilary Clinton bashing Turing Pharmaceuticals. Clinton had raised concern with the way Valeant Pharmaceuticals Intl Inc (NYSE:VRX) invoked a 5,500% increase on Daraprim a drug used to treat malaria.
Apple Inc. (NASDAQ:AAPL) supplier Foxconn has failed in its bid to acquire some stakes in a Taiwanese Chip Company. The bruising battle ended in defeat after Siliconware Precision Industries Co shareholders voted against two proposed resolutions.
Approval of the resolutions would have paved the way for Foxconn to become the biggest shareholder in the chip company. The outcome of the voting is a big win for another Apple Inc. (NASDAQ:AAPL) supplier Advanced Semiconductor Engineering Inc., which was against any stake acquisition by its rival. ASE had raised concern that any planned sale of shares by Siliconware would have considerably diluted its stake in the chip maker.
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