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Stock Market & Financial Investment News

News Breaks
August 15, 2014
13:25 EDTPOAHY, VLKAYU.S. appeals court upholds dismissal of Porsche short squeeze suit, Reuters says
Porsche (POAHY) has convinced a U.S. federal appeals court to uphold the dismissal of a lawsuit that alleged the luxury car manufacturer of fraudulently controlling the market in Volkswagen (VLKAY) shares after they quietly amassed a large position in Volkswagen and created a "massive short squeeze" in October 2008, Reuters reported. The U.S. appeals court said Porsche could not be held responsible under U.S. securities fraud laws because the alleged wrongful conduct, which was brought on by more than 30 hedge funds who held short positions in shares of Volkswagen at the time, took place outside of the U.S., Reuters added. Reference Link
News For POAHY;VLKAY From The Last 14 Days
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May 6, 2015
06:21 EDTVLKAYFacebook could be potential buyer of Nokia Here service, TechCrunch reports
Facebook (FB) quietly signed a deal with Nokia (NOK) under which Nokia's Here mapping service will power maps on Facebook's mobile web version, TechCrunch reports. Facebook is additionally running a test for Here to power location in Instagram and Messenger, the publication says. Sources say Facebook is a potential buyer of Nokia's Here unit, which has an estimated value of $2B; other potential buyers for Nokia Here may include Apple (AAPL), Samsung (SSNLF), Baidu (BIDU), Alibaba (BABA), Tencent (TCEHY), Yahoo (YHOO) and a car consortium, the sources say. Reference Link
May 5, 2015
13:15 EDTVLKAYVolkswagen Car-Net platform to enable Apple Watch functionality
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12:46 EDTVLKAYBaidu, German carmakers prepare bid for Nokia's map service, WSJ says
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06:27 EDTVLKAYVolkswagen trying to quickly find new chairman, Reuters reports
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April 29, 2015
09:53 EDTVLKAYVolkswagen CFO: 'Still investigating' low-cost car for China, Reuters reports
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06:48 EDTVLKAYVolkswagen's Q1 beat eases pressure on company, Reuters says
Volkswagen's stronger than expected Q1 results, driven by cost-cutting and an improving European car market, have caused the pressure on the company following the ouster of its chairman to decline, according to Reuters. Reference Link
April 27, 2015
06:41 EDTVLKAYVolkswagen chairman ousted for trying to replace CEO, Reuters says
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April 26, 2015
16:25 EDTVLKAYVolkswagen chairman Ferdinand Pich resigns
In a press release Saturday, the board of Volkswagen announced it has unanimously determined that, in view of the background of the last weeks, the mutual trust necessary for successful cooperation [among company leadership] no longer exists. For this reason, Ferdinand Pich has resigned with immediate effect from his position as chairman and from all his mandates. The position of chairman will be temporarily assumed by deputy chairman Berthold Huber. Huber will chair the annual general meeting on May 5. "The representatives of shareholders and employees will in close cooperation determine the candidate for the new chairman," said the company.
April 23, 2015
19:49 EDTVLKAYAudi plans five additional models for India, Economic Times says
In an interview with the Economic Times, Volkswagen's (VLKAY) Audi India brand director Joe King said the company plans to launch five new models in India within the next five months. "We see huge potential to grow in the Indian market... The GDP is likely to improve as the fundamentals of the Indian economy are strong and softening interest rate will propel demand for the luxury cars," said King. The Economic Times notes that Daimler's (DDAIF) Mercedes-Benz also aims to ramp up efforts in the region. Reference Link
14:41 EDTVLKAYVolkswagen chairman not pushing for CEO removal, Reuters says
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07:42 EDTVLKAYVolkswagen chairman wants to oust CEO ahead of annual meeting, Reuters says
Ferdinand Piech, the chairman of Volkswagen, will seek to oust the company's CEO, Martin Winterkorn, ahead of the annual shareholder meeting on May 5, Reuters reports, citing German broadcasting network NDR. According to the report, Piech is seeking the support within the Porsche and Piech families in his efforts to replace Winterkorn, and "doesn't feel tied" by the April 17 decision of supervisory board members to back Winterkorn. Reference Link
06:58 EDTVLKAYVolkswagen to get $407M in financing from Canada, Reuters says
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