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| U.S. judge dismisses case against Twitter alleging pre-IPO fraud Monday, Apr 21, 2014 12:34 PM PDT  By Jonathan Stempel NEW YORK (Reuters) - Twitter Inc has won the dismissal of an unusual lawsuit accusing the social media company of fraudulently arranging a private stock sale it never intended to complete, with a goal of stoking interest in its November 2013 initial public offering. U.S. District Judge Shira Scheindlin in Manhattan said Precedo Capital Group Inc and Continental Advisors SA failed to show that Twitter was responsible for the cancellation of a secondary market offering they had been arranging with another firm, GSV Asset Management Inc. Filed one week before Twitter went public, the $124 million lawsuit accused the company of using GSV as its agent to arrange the aborted offering as a means to raise more money in its eagerly awaited IPO and justify a $10 billion market valuation. Noting the plaintiffs dealt directly with GSV and never with Twitter, however, Scheindlin said the complaint "does not plausibly allege that Twitter granted GSV Asset express authority to act as its agent for any purpose. Full Story | Top |
| Lululemon shares hit by lack of clear growth outlook Monday, Apr 21, 2014 12:20 PM PDT  By Solarina Ho TORONTO (Reuters) - Lululemon Athletica Inc shares slumped as much as 7.4 percent to the lowest in nearly month on Monday as analysts worried about the premium Canadian yogawear retailer's growth prospects following its analyst day presentation last week. "We came away from these meetings with the distinct impression of a company losing focus," Credit Suisse's Christian Buss said in a research note after the presentation. "... this seems inappropriate for a brand that has faced significant product flow, quality, and brand communication challenges." Some analysts also expressed disappointment at the lack of mid- and long-term guidance from a company still trying to find its footing after a year that included a high-profile recall, the departure of top level executives, and remarks by Chairman Dennis "Chip" Wilson that some women's figures "just actually don't work" with Lululemon's clothing. "We, and we think many investors, would have liked to hear much more concrete details regarding the company's business analysis and plans," Faye Landes, an analyst with Cowen and Co, told clients, adding that there was no "compelling reason to jump into Lulu right now." The Vancouver-based company, which opened its first European store in London earlier this month, is eyeing global growth, adding more casual apparel lines, and expanding its menswear products, a segment Lululemon believes could eventually generate $1 billion in sales. Full Story | Top |
| Barrick-Newmont union: is the third time the charm? Monday, Apr 21, 2014 11:50 AM PDT By Euan Rocha, Allison Martell and Nicole Mordant TORONTO/VANCOUVER (Reuters) - Barrick Gold Corp has tried and failed to buy Newmont Mining Corp twice in the past decade, but the rationale is now more compelling than ever for a merger between two of the world's largest gold miners. But the slide in gold also means that the value of goodwill attached to Newmont's portfolio has tumbled, lowering the cost of a deal and reducing the risk of more major write-downs at Barrick should gold prices fall further. Barrick and Newmont had reached the broad outlines of a deal that they had hoped to complete this month before talks hit a snag and broke down, according to sources familiar with the matter. IDEAL TIMING It has long made sense for Barrick, the world's largest gold miner, to try to buy Newmont given the potential for cost savings from overlapping operations. Full Story | Top |
| Zadan, Meron invited back to produce 2015 Oscars show: Academy Monday, Apr 21, 2014 11:45 AM PDT  Organizers of the Oscars ceremony invited the producing team of Craig Zadan and Neil Meron on Monday to run the live awards show for a third consecutive year, after this year's show brought in the best television ratings in 14 years. Some 43.7 million viewers in the United States tuned into the ABC live telecast of Hollywood's biggest night, hosted by comedian and talk show host Ellen DeGeneres, 8 percent more than the previous year and the highest number since 2000, according to Nielsen ratings data. "Their showmanship has elevated the show to new heights and we are excited to keep the momentum going with this creative partnership," said Cheryl Boone Isaacs, president of the Academy of Motion Picture Arts and Sciences, of Zadan and Meron. The veteran film and musical producers were under pressure this year to deliver a show that would boost ratings, particularly among young viewers, and avoid the controversy of the previous year's Oscars, when host Seth MacFarlane's provocative comedy prompted harsh criticism. Full Story | Top |
| Ford to name Fields as CEO, Mulally to retire by year-end: Bloomberg Monday, Apr 21, 2014 11:36 AM PDT  (Reuters) - Ford Motor Co will name Chief Operating Officer Mark Fields as successor to Chief Executive Alan Mulally soon, Bloomberg reported, citing two people familiar with the pending announcement. Mulally will step down before the end of the year, Bloomberg said. Fields was named COO in December 2012. (http://r.reuters.com/byq68v) Ford may make an announcement as early as May 1, Bloomberg reported. A Ford spokeswoman declined to comment on speculation. (Reporting by Rohit T. K. in Bangalore; Editing by Saumyadeb Chakrabarty) Full Story | Top |
| CBI loses members as opposes Scottish independence Monday, Apr 21, 2014 11:35 AM PDT  By Belinda Goldsmith LONDON (Reuters) - Three of Scotland's oldest universities have joined an exit from Britain's leading business lobby group after it registered to campaign against Scottish independence, saying they wanted to stay neutral in the increasingly fractious debate. Edinburgh, Glasgow and Aberdeen universities withdrew from the Confederation of British Industry (CBI) on Monday after it recorded its aim with the Electoral Commission of campaigning for Scotland to stay in the United Kingdom ahead of a September 18 referendum. But the CBI's move was condemned by some members, who said the group had not sought their signoff over a decision that jeopardises their neutrality in the debate, prompting businesses, government organisations and universities to quit. Glasgow University said it had resigned its CBI membership in order to maintain impartiality, while Aberdeen and Edinburgh said it would be inappropriate to continue as CBI members as they had strictly neutral positions on independence "The University of Aberdeen does not take an institutional position on the constitutional future of Scotland. Full Story | Top |
| Wall Street rises modestly as investors eye earnings Monday, Apr 21, 2014 11:32 AM PDT  The S&P 500 posted its best week since July last week, boosted by results from such names as General Electric Co and Morgan Stanley . Of the 87 companies in the S&P 500 that have reported results through Monday, about 62.1 percent have topped earnings expectations, according to Thomson Reuters data, compared with the 66 percent average over the past four quarters. Full Story | Top |
| U.S. court signals narrow bondholders win in Argentina subpoena case Monday, Apr 21, 2014 11:28 AM PDT By Lawrence Hurley WASHINGTON (Reuters) - U.S. Supreme Court justices on Monday indicated that creditors should be able to seek limited information about Argentina's non-U.S. assets in a case about bank subpoenas in decade-long litigation over Argentina's obligations to bond investors. During a one-hour-long oral argument over hedge fund NML Capital Ltd's efforts to seek payment of court judgments it says are worth around $1.7 billion, several justices suggested that military and diplomatic assets should be off-limits, which would narrow the scope of the ruling. A separate and more high-profile case, in which Argentina is challenging a court judgment ordering it to pay $1.33 billion to NML and other so-called holdout bond investors or face a potential default if it refuses to do so, is also pending before the high court. At one point, Chief Justice John Roberts made it clear to NML's lawyer, Theodore Olson, that the broader history of the litigation has no bearing on how the court will rule. Full Story | Top |
| Goldcorp bows out of bidding war for rival Canadian miner Osisko Monday, Apr 21, 2014 11:26 AM PDT  By Allison Martell and Euan Rocha TORONTO (Reuters) - Goldcorp Inc said on Monday it is walking away from its hostile bid to buy Osisko Mining Corp , clearing the way for Yamana Gold Inc and Agnico Eagle Mines Ltd to take control of Osisko's flagship Canadian Malartic mine. The white-knight bid, which the companies valued at C$3.9 billion ($3.5 billion) when it was announced last week, would see Yamana and Agnico take joint control of most Osisko assets, and spin out some exploration properties into a new entity. The battle for Osisko, which came after a string of disappointing acquisitions and a plunge in the price of gold brought mining deals to a near-standstill, underlined the shortage of top-class gold assets in politically stable jurisdictions. Canadian Malartic, located in Quebec, reached commercial production in May 2011. Full Story | Top |
| U.S. top court questions Coca-Cola over fruit juice label Monday, Apr 21, 2014 11:25 AM PDT  U.S. Supreme Court justices sharply questioned a lawyer for Coca-Cola on Monday, asking why a juice label touting pomegranate and blueberry should not be considered misleading if the drink contained only a tiny amount of the fruits. Officially, the case was about whether a competitor - in this case POM Wonderful - could challenge as misleading the label on a juice bottle sold by Coke's Minute Maid brand if the Food and Drug Administration had not objected to it. The Minute Maid juice is sold as a "Pomegranate Blueberry Flavored Blend of 5 Juices" but is primarily apple and grape juice with 0.3 percent pomegranate juice and 0.2 percent blueberry juice, according to a POM court filing. Full Story | Top |
| Exxon shuts UK pipeline as police investigate fuel theft Monday, Apr 21, 2014 11:24 AM PDT By Alex Lawler LONDON (Reuters) - Exxon Mobil shut one of Britain's main underground fuel pipelines, it said on Monday, after police found a stash of diesel they believe was siphoned off by thieves. The Midline Pipeline runs north from Esso's Fawley oil refinery near Southampton to its terminal in Birmingham, central England. "The fuel is stored safely and securely and is being retrieved by engineers from the nearby Esso refinery." Exxon, known as Esso in Britain, said in a statement: "Esso is committed to the very highest standards of safety. Full Story | Top |
| AT&T looks to expand high-speed fiber network to 21 cities Monday, Apr 21, 2014 11:17 AM PDT  By Marina Lopes NEW YORK (Reuters) - AT&T Inc said on Monday it expects to expand its ultra-fast fiber network and TV services to up to 21 U.S. cities, including Chicago and Atlanta. AT&T, which is fighting rivals such as Google Inc as well as cable companies with its fiber-based product, is considering providing broadband Internet speeds of up to 1 gigabit per second and its U-verse television service in cities, including Chicago, Los Angeles and Miami. Earlier this month, AT&T announced it was in discussions with North Carolina Next Generation Network to bring U-verse with high-speed internet to North Carolina. Full Story | Top |
| Car crashes into Florida church during Easter service Monday, Apr 21, 2014 11:17 AM PDT A car crashed into a Fort Myers, Florida, church filled with 200 people attending the Easter Sunday service, injuring at least 18, police said. Worshipers at the Second Haitian Baptist Church used car jacks on Sunday night to lift the vehicle and pull several people trapped underneath before police arrived, a statement from the Fort Myers police said. "At this point the investigation is being treated as a very unfortunate accident rather than a criminal act," Lieutenant Victor Medico, a spokesman for the Fort Myers Police, said in a statement. The driver was questioned by police and allowed to leave, although "civil traffic violations may be forthcoming," Medico said in an e-mail. Full Story | Top |
| Merrill sets new $8 million bragging target for its top brokers Monday, Apr 21, 2014 11:01 AM PDT  By Jed Horowitz NEW YORK (Reuters) - Merrill Lynch is dangling a new incentive in front of its brokers by creating a "recognition club" for those who bring in $8 million or more a year from clients, more than doubling the top goals set by its securities industry rivals. Until now, Merrill Lynch Wealth Management's top recognition club was its "Circle of Champions" for financial advisers who produced $4 million of commissions and fees, or received 2.5 million of "production credits" for sales of products and services that qualified them for the firm's top sales payout. Club membership also gives members bragging rights as elite brokers, the ability to advertise their status on their websites, and priority when accounts of departing brokers are redistributed or when customers are referred to the broker-dealer from other parts of Bank of America, according to a description of the recognition clubs in Merrill's 2014 compensation booklet. Brokers who qualify for Pinnacle as well as for Merrill's seven lower-tier recognition clubs also can participate with their significant others in "Top Advisor Summits" that are usually held over several days in resort areas. Full Story | Top |
| AstraZeneca cancer pipeline seen as draw for Pfizer Monday, Apr 21, 2014 10:27 AM PDT  By Ben Hirschler LONDON (Reuters) - Pfizer Inc may come back to bid for British drug company AstraZeneca Plc after its reported 60 billion pound ($101 billion) takeover approach was rejected, since a deal could make sense for the U.S. pharmaceuticals giant as it seeks to build up its cancer franchise. In addition to adding promising - though still risky - experimental medicines known as immunotherapies that boost the body's immune system to fight tumors, acquiring AstraZeneca could also generate significant cost savings, according to industry analysts. As a result, a deal at around a 25 percent premium to the current share price funded by cash, cheap debt and some stock could boost Pfizer earnings immediately, they believe. Both companies have declined to comment on a report in the Sunday Times, which cited senior investment bankers and industry sources saying that Pfizer approached the British pharmaceuticals group about a deal. Full Story | Top |
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