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3XSQ: David Einhorn sues Apple over preferred stock proposal

Thursday, Feb 07, 2013 - 03:32

Feb 7 - David Einhorn's Greenlight Capital has filed suit against Apple over a proposal in Apple's proxy to eliminate preferred stock.

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The three Times Square this Thursday from what -- world headquarters in New York. -- power player of the day taking on eight tech -- But not the way you might think. It's Green -- Capital David Einhorn famous for sure and companies like green mountain coffee this time he's going after apple. -- suing the company to try to block effort to stop issuing preferred shares. In an SEC filing and we might capital says preferred share issuance from apple. Would unlock shareholder value he also told CNBC he owns more shared than ever before and believe the stock is significantly undervalues. Shares were up a bit in premarket and are now roughly flat. I'm bored and dissatisfied. Many retailers. Are satisfied. Our -- did hit 5% the gaining comparable store sales for the US retailers tracked by Thomson Reuters in January. Far ahead of the 3.5 percent estimate. What is include Macy's whose sales climbed nearly 12% way ahead of estimates also said sales for the entire quarter up estimates. Target also outperforming those sales there were up just 3%. It's that shoppers are showing discipline as a result of the increase in payroll taxes. Checking shares of some of the retailer -- you can see Macy's is up target is down a bit Nordstrom also outperformed. And is just slightly down there awhile specialty retailer can't court reported court sales and it is down as well. Results less positive at the New York Times the company reporting higher revenue as more people papered digital newspapers. But advertising revenue fell three point 1% even with an extra week in the quarter. Earnings adjusted for special items slightly exceeded the ethnic. Another media powerhouse with results is News Corp. strong growth at cable networks like aspects authentic witnesses of the Fox Network. The company overall reporting higher quarterly revenue and profit but audiences for shows like American Idol continues to shrink. The company also seen weakness in some European operations as the atlas air drag on. The effects of superstar and -- reflected in all states earnings quarterly profit fell 45%. Losses from the storm. But the insurance and it paid about 95% -- claims. Those payouts of course we'll circle back to the consumer in the form of higher home insurance prices throughout the industry says chief executive Thomas Wilson. Catastrophe losses for the company were one point six billion for the fourth quarter. Wilson sees modest price increases in auto insurance industry wide. And finally you know it's not October best but another reason to raise a glass in Germany. Folks in the city of Cologne Don their best drinking does to celebrate the four month carneval season. -- locally as the fifth season in the city's ultra mark's square. Strangers could be seen linking arms inflame international ballot the brass band with large amounts of national -- beer called all good news. And it noticed many of the revelers and it'll light. A beer goggles for baby boomers. That is the latest entry Times Square this Thursday you can follow us on Twitter at letters insider and get corporate -- think he had at Reuters dot com slash -- TV. I'm Lisa Bernhard. Is right.

3XSQ: David Einhorn sues Apple over preferred stock proposal

Thursday, Feb 07, 2013 - 03:32

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