Today - Thursday, May 28, 2015
- Bankruptcy Judge Robert Gerber has now put the dozens of lawsuits accusing GM of concealing an ignition-switch defect on hold while plaintiffs in those cases appeal his earlier ruling that found their cases barred.
- On April 15, Gerber ruled that GM was protected from claims on vehicles pre-dating its 2009 exit from Chapter 11 bankruptcy, and said that plaintiffs would need to file their claims instead against the financially limited "Old GM.”
- Previously: GM shielded from certain ignition-switch lawsuits, judge rules (Apr. 15 2015)
- Morgan Stanley (NYSE:MS) CEO James Gorman defended the 25% pay hike to $22.M he was awarded last year - reportedly the highest among Wall Street CEOs - saying it was justified by the bank's performance.
- "We had three years where the stock went up...so the board, representing shareholders, thought that justified very strong performance," Gorman declared. "In previous years, when we underperformed, we were payed down and that's the way it should be."
- Shares of the bank have risen over past three years, up 19% in 2012, 60% in 2013 and 23% in 2014.
- Previously: Morgan Stanley's Gorman gets 25% pay raise in 2014 (Apr. 01 2015)
- The world's most popular sport was plunged into turmoil on Wednesday as U.S. authorities announced charges against nine FIFA officials and five sports executives, alleging they were part of a scheme in which more than $150M in bribes were paid in exchange for the commercial rights to soccer tournaments.
- The bribes were reportedly paid using accounts at major global banks, raising the prospect that Wall Street could be in the spotlight again over its involvement in yet another scandal. Banks involved: JPMorgan (NYSE:JPM), Citigroup (NYSE:C), HSBC, BofA (NYSE:BAC), UBS and Julius Baer (OTCPK:JBAXY).
- Nike, which also might be in the hot seat, said it would cooperate with authorities.
- Japanese shares rose a 10th day as the yen traded at its lowest level since 2002 on signs the Federal Reserve is preparing to raise rates this year.
- The Nikkei is now up 0.4% at 20,551 - marking its longest winning streak since a 15-day run that ended in March 1988.
- Meanwhile, Japan's retail sales rebounded modestly in the year to April following three straight months of falls, bolstering the case that consumer spending is reviving.
- The dollar is +0.2% at ¥123.84, after touching a low of ¥124.30.
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- Confirming a Nov. 2014 WSJ report, GoPro (NASDAQ:GPRO) founder/CEO Nicholas Woodman stated during a Code Conference talk his company is working on a 4-rotor (quadcopter) drone. It will be aimed at consumers, and launch in 1H16.
- Woodman: “It’s incredible to see our world from new perspectives. It’s a real ‘Oh my God’ moment ... “We did that with our GoPro cameras, and we see a similar opportunity in the quadcopter market." He adds GoPro, whose cameras are currently used by many drone makers, will continue servicing third parties.
- Also in the pipeline: A 6-camera array that lets users create 360º/spherical footage with the help of recently-acquired Kolor's apps. Woodman adds such footage could be viewed on VR headsets such as the Oculus Rift, in addition to PCs/phones. He admits the array will likely appeal more to professionals and prosumers, and that VR video solutions will have to become simpler/cheaper for mass-market adoption to happen.
- When asked if GoPro considers itself a device company, Woodman replied, "We are a content-enabling company." He also reiterated GoPro's interest in providing better tools for quickly creating and sharing YouTube-friendly material.
- Woodman on whether he considers GoPro's videos entertainment. "We are entertainment … it’s a lot like Disney. Disney produces fabulous movies around certain characters, and then they commercialize that engagement through toys, books, cruises. People are watching GoPro content not to decide whether they should buy it or not, they’re watching it for the entertainment."
- Earlier: Pac Crest reports positive GoPro checks
12:13 AM| Comment!
- 8:30 Initial Jobless Claims
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