Top Stories: Volkswagen AG (ADR) (VLKAY), Deutsche Bank AG (USA) (DB), And T-MOBILE US INC (TMUS)
Investors will watch out for the rig data to be released today. Higher rig count would indicate that the production for oil is picking up. In other development, Volkswagen AG (ADR) (OTCMKTS:VLKAY) is in trouble again after two suppliers named Car Trim and ES Automobilgluss refuse to deliver components which are required for production of VW Golf Model. Earlier, there were reports of Volkswagen AG (ADR) (OTCMKTS:VLKAY) sending an internal memo to all suppliers stating that the production for its flagship model VW Golf will be put on hold starting from tomorrow till 29th of this month.
Whistleblower refuses to accept award
Former Deutsche Bank AG (USA) (NYSE:DB) risk officer Eric Ben-Artzi declined reward of $16.5 million from SEC marking his protest against the agency for failing to punish executives. Last year, SEC found Deutsche Bank AG (USA) (NYSE:DB) guilty of false accounting and had fined the bank for $55 million.
War between T-MOBILE US INC (NYSE:TMUS) and Sprint Corp (NYSE:S) intensified after the latter introduced new unlimited data plans. Under the new plan named “T-Mobile One,” unlimited data would be provided for $160 to family of four. Other existing plans will be continued and will be phased out by September, According to CEO John Legere.
Co-founders accept salary cuts
SolarCity Corp (NASDAQ:SCTY)’s Co-founders Lyndon Rive and Peter Rive have agreed to salary cuts of $1 per year from $275,000 earlier, According to company filing. The company is also expected to take charges in the range of $3 million to $5 million in severance and planned layoff.
SolarCity Corp (NASDAQ:SCTY) had earlier announced a deal where in it would be bought by Tesla Motors Inc (NASDAQ:TSLA) for $2.6 billion.
Better earnings by Foot Locker
Foot Locker, Inc. (NYSE:FL) reported revenues of $2.8 billion which topped estimates by $20 million, while EPS of $0.94 was higher than expected of $0.90. Comparable same store sales were up by 4.7% while Gross margin saw an improvement of 40 basis points.
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