General Motors settled a high-profile case related to its ignition switch recall. The auto maker settled with the parents of a woman who died in one of its cars with a faulty ignition switch. Their case helped disclose the deadly defect in some of its cars. The family had previously settled with the company before the automaker admitted it knew of the flaw prior to issuing a recall. The settlement amount was not disclosed. Shares were off about one percent to $38.05.
General Electric delivered a shipment of gas turbines to Egypt as part of a nearly $2 billion deal to increase power capacity in the country. The company will also invest $200 million in an economic zone near the Suez Canal. Egypt is hoping to secure billions of dollars in investments after years of political turmoil. The stock was off more than one percent to $25.04.
Ann Inc. posted a surprise profit in its holiday quarter. The parent of Ann Taylor has struggled in a weak retail environment because of discounting and competition. Today it laid out a plan to cut $35 million in costs by 2016. The stock popped eight percent to $40.45.
Investment Technology Group
Investment Technology Group is in talks to buy the brokerage services provider Convergex, according to a Bloomberg report. Convergex could be valued at $200 million in a sale, but the deal could fall through. This comes more than a year after Convergex admitted to defrauding customers of millions by concealing markups on stock trades. Shares of Investment Tech soared almost 15 percent to $27.91.