Greenlight Capital’s fund manager David Einhorn said on Thursday it was suing Apple Inc.(NASDAQ:AAPL) to modify a proposal on its proxy, which it feels is not in conformity with regulatory rules.
The company, which has filed a suit in a federal court in New York, said that it was opposed to a proposal in Apple’s proxy, which would remove Apple’s ability to issue preferred stock from the company’s charter.
In a filing with the U.S. Securities and Exchange Commission, Greenlight said it was “dissatisfied with Apple’s capital allocation strategy.”
America’s third largest network operator, Sprint Nextel Corp on Thursday reported a $1.3 billion loss in its fourth quarter.
The company has set out an ambitious programme to revamp its network to take on the competition.
The company lost 44 cents per share in the October to December period versus 43 cents per share in the previous year. Analysts had expected the loss to be larger at 46 cents a share.
Revenue was $9 billion, up 3.2 percent from a year ago with customers converting from regular phones to higher-paying smartphones. It was slightly above analyst expectations at $8.9 billion.
Sprint, already holds a 40 percent stake in Clearwire is on the point of acquiring the remaining stake in the company with the backing of Softbank. This will equip the company with more airwaves and in a better position to compete with it larger rivals.
Sprint activated 2.2 million iPhones in the quarter, a record for the company.
It still lost a net 243,000 customers on contract-based plans in the quarter, as subscribers kept streaming off the Nextel network, which Sprint is shutting down.
Sprint shares slipped 2 cents to $5.75 in premarket trading.
Sutor Technology Group Ltd.(NASDAQ:SUTR): Q4 EPS of $0.12 beats by $0.06. Revenue of $157.9M (+46.3% Y/Y) beats by $32M. Shares of SUTR soared 27%.
OXiGENE, Inc.(NASDAQ:OXGN) soars 34% after saying its Zybrestat treatment for ovarian cancer was well tolerated when used in conjunction with Roche’s Avastin in a Phase II trial, with no additional safety concerns. Oxigene expects patient accrual for the study to be completed within the next 3-4 months and for top-line data to be available at the end of the year.