Stocks to watch: Netflix, AT&T
The movie streaming company said CEO Reed Hastings will receive fewer stock options in 2012. Regulators approve AT&T's plan to buy wireless spectrum from Qualcomm.
AT&T's (T) $1.93 billion purchase of unused wireless spectrum from Qualcomm (QCOM) was approved by the Federal Communications Commission. AT&T bought the spectrum to add capacity to its fourth-generation, or 4G network.
Eastman Kodak (EK) named Laura Quatela president and agreed to divest of its Eastman Gelatine business. Quatela, who most recently served as general counsel, will serve as president alongside current president Philip Faraci. Both will report to CEO Antonio Perez. Eastman Gelatine has 95 employees and makes gelatin used in photographic movie film and paper emulsions. It is being sold to Rousselot, which is part of the Vion Food Group.
American International Group (AIG) CEO Robert Benmosche told the insurance company's board he would like to remain CEO longer than planned, The Wall Street Journal reported. Benmosche, 67, told the newspaper he plans to run AIG beyond next year, depending on his health. He was diagnosed with cancer in late 2010. He previously indicated he planned to retire sometime in 2012. AIG's board doesn't have to approve Benmosche's decision to stay, according to people familiar with the matter, the Journal said. Benmosche previously threatened to quit two years ago because of frustrations over government-imposed pay curbs. The Treasury Department owns 77% of AIG following its 2008 rescue of the insurer and a sale in the spring of some AIG stock.
Broadcom (BRCM) and Rambus (RMBS) reached a patent licensing agreement. The five-year deal covers the use of Rambus-patented technology in Broadcom chips, and resolves litigation between the two parties.
Shutterfly (SFLY), the photo sharing website, lowered its fourth-quarter revenue guidance. Shutterfly said Friday it expects revenue of $259 million to $264 million. The company previously forecast revenue of $270.5 million to $275.5 million. Analysts surveyed by Thomson Reuters expect Shutterfly to post fourth-quarter revenue of $267.76 million.
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[BRIEFING.COM] The stock market ended the Wednesday session on a mixed note with small caps displaying relative strength. The Nasdaq Composite (+0.5%) and Russell 2000 (+0.4%) registered modest gains, while the Dow Jones Industrial Average (-0.2%) and S&P 500 (+0.01%) underperformed.
Despite the mixed finish, the key indices traded higher across the board at the start of the session after the advance reading of second quarter GDP surpassed estimates (4.0% versus Briefing.com ... More
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