BlackBerry Ltd (NASDAQ:BBRY) shares fell 4.29% to $7.58. The company on Oct. 2 says the cost of reworking its operations will likely be four times as much as it estimated earlier this year and may turn out to be even be higher than that. According to financial report documents filed with regulators Tuesday evening, the smartphone maker expects to book US$400-million in charges from a variety of factors before the end of May 2014.
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Additionally,Canaccord lowered BlackBerry’s price target to $7 on Sept. 30 based on sum-of-the parts valuation and the belief the potential sale to Fairfax Financial will be around $7 per share following further due diligence. Shares are Hold rated.
Moreover, the company on Sept. 23 revealed it had entered into an tentative agreement to sell itself to a consortium of investors led by its largest shareholder, Fairfax Financial Holdings Ltd., as part of a deal that would see the once mighty smartphone company taken private. BlackBerry shareholders will receive US$9 in cash per share, valuing the transaction at US$4.7-billion.
AMR Corporation(PINK:AAMRQ) shares gained 3.37% to $4.60. The U.S. Department of Justice, fighting a proposed merger of US Airways Group Inc and American Airlines parent AMR Corp, lost a bid to delay the case on Oct. 2 , and share prices for both companies jumped on perceptions that prospects for the deal had brightened. In Dallas, Texas Attorney General Greg Abbott said his state was dropping out of a U.S. Justice Department lawsuit seeking to block the merger, a move some experts called a crack in the united front of those opposing the creation of the world’s largest airline.
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Additionally, AMR Corporation (OTCBB: AAMRQ), the parent company of American Airlines, Inc., and US Airways Group, Inc. (NYSE: LCC) on Sept. 23 have each agreed to extend the outside date at which either party may terminate the previously announced Agreement and Plan of Merger (the Merger Agreement), in light of the trial schedule surrounding litigation with U.S. Department of Justice.
Federal National Mortgage Association(OTC:FNMA) shares gained 0.72% to $1.39. The company on Sept. 26 issued the company’s Monthly Volume Summary for August 2013. The summary, available on the company’s Web site at www.FreddieMac.com/investors/volsum, provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities and other investments.
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Additionally, the company on Sept. 20 priced its eighth Multifamily DUS® REMIC in 2013 totaling $1.09 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 13, 2013. All classes of FNA 2013-M12 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal.