Fannie Mae & Freddie Mac
A judge has thrown out a Fannie Mae and Freddie Mac related lawsuit against the government. A group of investors in Fannie and Freddie sought to stop the governments from seizing most of the profits at the mortgage companies. The hedge funds argued they had been short-changed as Fannie and Freddie returned to profitability. The mortgage giants saw their shares surge for more than two years on speculation that shareholder rights to those earnings could be restored. Shares of Fannie and Freddie both fell down more than 35 percent.
Coke, bowing to pressure from Warren Buffett, announced plans to scale back its executive compensation plan before it goes into effect next year. Shareholders have criticized the beverage giant saying the awards were excessive. The company says the new plan will limit its stocks compensation and improve transparency. Shares were up slightly to $42.74.
The New York Times
The New York Times is cutting 100 newsroom jobs and a smaller number of other positions to slash costs. This comes as its advertising revenue from its print business has shrunk and as it’s trying to focus more of its resources on its digital operations. Shares popped more than 9.5 percent to $12.30.
Vivint Solar made its trading debut on the New York Stock Exchange today. The company is the second biggest installer of solar panels for residences in the United States. It raised about $330 million after pricing its shares at $16 a piece. The CEO says there’s enormous potential for the solar panel industry.
Shares of Angie’s List jumped on reports that the company is exploring a sale. The online review site has hired bankers to search for strategic options, but it’s not committed to a definite sale, according to those reports. Shares surged 19 percent to $7.59.
Satellite TV provider DirecTV reached a new multi-year contract with the NFL. It will be able to continue to sell its Sunday Ticket packages of NFL games and the agreement has expanded its rights to stream games live on mobile phones and over the internet. Shares spiked initially after hours, during the regular trading day the stock was up a little at $86.59.