Google & Viacom
Google and Viacom settled a $1 billion lawsuit. The two companies reached an agreement on a seven-year-old case in which Viacom sued Google’s YouTube for uploading content from its programs without permission. The terms of the deal weren’t disclosed. Shares of Viacom rose slightly to $88.41. Shares of Google were up more than 1.5 percent to $1,211.26.
Shares of DSW fell on weak sales and a disappointing forecast. The discount shoe retailer saw fourth quarter profit increase, but revenue missed the Street’s estimates. Its new-year forecast also came in short of expectations. The company did up its quarterly dividend, but shares still fell nearly three percent to $38.90.
Reports that Amazon will release a video-streaming device in early April sent shares of the online retailer higher today. The rumor is that the gadget will be available on Amazon.com as well as at retailers like Best Buy and Staples. The stock was up about one percent to $378.77.
Hertz is planning to spinoff its equipment rental business. The company will receive $2.5 billion from the transaction and plans to use $1 billion of that money for a new stock buyback program. Separately, Hertz posted an earnings miss and issued guidance that was below Street consensus. The stock slipped a fraction to $27.08.
General Electric’s credit card business is subject to two federal investigations. According to a regulatory filing, regulators are looking into possible violations of consumer finance laws related to the unit’s planned initial public offering. The new company named Synchrony Financial is in talks with the consumer financial protection bureau. GE shares rose almost one percent to $25.65.