Friday headlines include Walmart's annual meeting beginning, Motorola settling with Tivo, AT&T reporting a increase in new customers, Toyota drastically redesigns the Corolla, Forest Labs tries to avoid a fight with Carl Icahn and Quicksilver misses earnings estimates.
Retail giant Walmart's (WMT) annual shareholder meeting is today and executives are expected to lay out ways it is improving it overseas business and also outline new opportunities for growth. This is the first meeting since the company reported a decline in U.S. same-store sales in the first quarter. The company will likely also be forced to address labor issues, a response to criticism about both the company's labor practices, and a number of recent media reports that the company is having trouble keeping merchandise on shelves due to lower staffing levels.
Google (GOOG) unit Motorola Mobility reached an out-of-court settlement with TiVo (TIVO) Thursday, averting a trial to resolve a patent dispute. Motorola initially accused the video-recorder company of infringing on patents in 2011. TiVo filed a counterclaim in 2012. Terms of the settlement were not disclosed.
Telecommunications giant AT&T (T) said Thursday that is expects to activate 500,000 new devices on contract plans during the quarter that runs from April to June. While that news is encouraging, AT&T warned that the cost of subsidizing those devices will have a negative impact on profits this year. AT&T also said it is adding more broadband and TV customers than it did a year ago.
Automaker Toyota (TM) unveiled a new version of its Corolla on Thursday. The company is hoping the redesign will help the 2014 Corolla appeal to younger buyers and overcome the model's historic image as a boring, practical low-cost economy car.
Forest Laboratories (FRX) has been in discussions with its second-largest shareholder, Carl Icahn, in an effort to try to avoid a third proxy battle in three years. The company is currently looking for a new CEO, and is hoping to avoid having Icahn nominate an alternative slate of directors to its board.
Retailer Quicksilver (ZQK) reported a loss of 19 cents per share for the quarter ended April 30, or a loss of 12 cents per share on an adjusted basis. Revenue was $458.7 million. Analysts had expected earnings of 4 cents per share on $505.4 million in revenue.