MARKET CURRENTS
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MARKET CURRENTS
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Monday, June 17
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11:28 PM Dan Loeb's Third Point raises its stake in Sony (SNE) to 7% from 6.5% according to a letter (text) sent to SNE's board. "Shareholders should not have to wait any longer," Loeb says, "the company’s most valuable untapped synergies lie within entertainment itself." 1 Comment
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4:47 PM Rambus (RMBS) +2% AH after announcing a patent settlement/licensing deal with STMicroelectronics (STM). The deal resolves all outstanding claims - ST has been one of Rambus' ITC legal adversaries, covers the licensing of Rambus' memory and cryptography IP, and gives Rambus access to ST's silicon on insulator tech for use in future memory/interface tech development. Separately, Rambus is narrowing its Q2 revenue guidance range to $56M-$58M from $53M-$58M (consensus is at $57M). (SK Hynix deal) (LSI deal) Comment!
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10:28 AM The Supreme Court says the FTC can take action against deals struck between brand-name drug makers and manufacturers seeking to market generics. The case stems from FTC v. Actavis and revolves around so-called "reverse-payment agreements," so named because the holder of a patent makes a payment to the generic challenger as opposed to the other way around. Some say the agreements amount to the splitting of monopoly profits at the expense of the public. Shares of Actavis (ACT -1.7%) fall on the news and Abbvie (ABBV +0.1%) trades largely flat after slipping initially. Comment!
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