Bad news doesn’t seem to go away for Toshiba as the company has its fifth consecutive session decline after receiving credit downgrades from both Moody’s and S&P Global Ratings. Currently close to 3,000 voices in Sentifi financial crowd are discussing the company, so join the conversation and never miss any insights.
Toshiba Corp.: Stocks plummet 26 percent
The company has lost a total of 39.5 percent of its market value since Monday. Moody and S&P Global Ratings decided to downgrade the company to CAA1 and put it on watch for potential future downgrades. Even though the company still remains on the Tokyo Stock Exchange’s watch list, it won’t be able to raise capital on the stock market.
Dentsu Inc.: President steps down
President Tadashi Ishii announced his resignation that will be effective in January to take responsibility for the suicide of a overworked 24-year-old employee last year. Japan’s labor authorities found that the company violated the Labor Standards Law after forcing the employee and another one to work illegal long hours between October and December 25.
Qualcomm: Gets an antitrust fine from South Korean government
South Korea’s antitrust regulator just imposed the largest fine it has ever given out on Qualcomm for allegedly abusing their dominant position in the chip set and patent licensing markets to compose unfair business practices in the country. The fine came in about $854 million. Qualcomm announced it has taken legal action against the Korea Fair Trade Commission for the decision, and the court is expected to deliver the final verdict sometime in 2020.
Co-operative Group: Plans expansion in the U.K.
The company is investing £70 million to open 100 stores across London, south-east England, Yorkshire and Scotland as part of the final stretch of its three-year turnaround plan. 1,500 jobs are expected to be created, and five stores are scheduled to open in London by the end of March.
Woolworths Ltd.: Enters a partnership with BP
BP and Woolworths announced a strategic partnership that allows BP to acquire, rebrand and operate Woolworths’ existing 527 fuel and convenience stores across Australia, plus 16 stores currently under construction, for $1.3 billion. Woolworths is one of the largest supermarket retailers in the country, and this partnership will give BP a whole lot of reach. It has more than 3,500 stores across Australia and New Zealand that sell food, drinks, petrol, general merchandise and hotels.
Nvidia Corp.: Analysts predict a 20 percent drop
The chipmaker is one of the best performing stocks of 2016, with its shares having gained 237 percent this year. Unfortunately, analysts believed the company’s stock is overhyped. Even worse, famed short sellers at Citron Research say the company will see its shares fall 20 percent soon because the company has half a dozen problems ahead of it, as Intel and Advanced Micro Devices pump up the competition.
Galena Biopharma: Shares jump 26 percent
The company’s shares rallied after the announcement that one of its drugs will enter a phase 3 trial. It has received an approval from the U.S. Food and Drug Administration. The drug, coded GALE-401, is being developed to treat a rare blood disorder.
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