Monday, September 10, 2012

Mid Day News (WDC, RIC, GM, TTM, PBR)

Western Digital Corp.(NASDAQ:WDC) shares fell 0.90% to $41.49 in the early hour. The company has named its President Steve Milligan as its new chief executive officer, succeeding John Coyne, who is retiring. The appointment is effective Jan. 2. Mr. Milligan will retain the title of president when he becomes CEO. 
Following Mr. Coyne's retirement, Mr. Milligan will be appointed to the Western Digital board of directors. 

Richmont Mines Inc. (USA)(NYSEAMEX:RIC) stock gained 2.17% to $4.71 after the company is pleased to announce additional results from its 2011 and 2012 deep drilling program on its Island Gold Mine property. Drill results suggest that the C Zone is currently the most continuous of the four zones (zones G, C, D and E1E) previously identified through the deep drilling program, and that it appears to be a continuation at depth of the zone currently being mined at Island Gold.

General Motors Company(NYSE:GM) stock declined 0.43% to $23.27. The company has halted the sale of about 60,000 2013 models, including its Chevrolet Cruze compact car and Equinox crossover, to repair a software problem that affects the vehicles' OnStar communication system. The cars are now on U.S. dealer lots and the repairs should be done by early next week, said GM spokesman Alan Adler on Friday. The fix takes about 30 minutes.

Tata Motors Limited (ADR)(NYSE:TTM) shares dropped 1.16% to $22.18 in the early hour. The company launched a new pickup truck, Xenon Pick-up, which India's largest auto maker by revenue expects will help the company strengthen its share in the rapidly growing local market for light cargo-carrying vehicles.  The company expects the model to increase its share in the pickup-truck market to 25%-30% from the current 20%.

Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR) stock decreased 1.36% to $21.83. The company is expected to face criminal and civil actions after federal police alleged the company isn't properly treating wastewater from refining and oil production before releasing it into local waterways and the Atlantic Ocean. The investigation also raised questions about how Petrobras treats and discards water produced along with oil at offshore platforms.

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