Schaeffer's Trading Floor Blog

Buzz Stocks: Apple Inc. (AAPL), General Motors Company, Citigroup Inc, and J.C. Penney Company, Inc.

Today's stocks to watch in the news include AAPL, GM, C, and JCP

by 6/17/2014 9:12 AM
Stocks quoted in this article:

Futures are sitting slightly higher this morning, as investors digest the latest consumer price index (CPI) and housing starts data. In company news, here are some stocks to watch today:

  • Apple Inc. (NASDAQ:AAPL) avoided going to trial in an e-book price-fixing class action lawsuit by reaching an out-of-court settlement with 33 states and U.S. territories, as well as individual consumers. The terms of the settlement are not yet public, but the complainants were seeking as much as $840 million in damages. (Reuters)

  • General Motors Company (NYSE:GM) will recall another 3.36 million cars, once again related to defective ignition switches capable of inadvertently turning off vehicles while on the road. Federal records reviewed by The New York Times revealed that these ignition issues began surfacing as early as December 2000. (The New York Times)

  • Citigroup Inc (NYSE:C) purchased a 512,000-square-foot office building in Hong Kong for a record $697 million. The tower is expected to be ready by the end of next year, and will eventually house the majority of C's 5,000 Hong Kong-based employees. Separately, the company announced the departure of Jeff Feig, its global head of foreign exchange. (Bloomberg; MarketWatch)

  • Macy's, Inc. (NYSE:M) won its lawsuit against J.C. Penney Company, Inc. (NYSE:JCP), when a New York State Supreme Court judge ruled Monday that JCP's private label merchandise -- designed by Martha Stewart -- violated M's exclusive contract with Martha Stewart Living Omnimedia, Inc. (NYSE:MSO). While the judge described JCP's actions as "adolescent hijinks in the worst form," he refused to award punitive damages to M since its rival's behavior wasn't "immoral" or "malicious." (Associated Press, via SFGate)

  • Also, Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) reported quarterly earnings. (Reuters)

  • Finally, Delta Air Lines, Inc. (NYSE:DAL) had to apologize for its tweet congratulating the U.S. Men's National Soccer Team on its victory over Ghana. The tweet posted the final score of the game (2-1), with an image of the Statue of Liberty representing the U.S., and an image of a giraffe representing the West African nation. The issue: Giraffes don't live in Ghana. (Consumerist)

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