Friday headlines include: Exxon winning the right to keep working in Russia despite sanctions, Intel investing in Chinese mobile chip firms, two families dropping lawsuits against General Motors in ignition-switch cases, Blackberry losing less than expected and traders looking forward to Alibaba options.
A campaign by Exxon Mobil (XOM) to win a two-week delay in complying with sanctions against Russia is being used as a public-relations opportunity by the Russians. Exxon won the two-week pass after claiming that it could not safely stop work on a drilling operation in the Arctic that is part of its joint venture with OAO Rosneft, Russia's state-owned oil company.
Chipmaker Intel (INTC) plans to pay up to $1.5 billion for a 20 percent stake in two Chinese firms that make components for mobile phones. The investment in Spreadtrum Communications and RDA Microelectronics, will help the company close the gap with chief rival Qualcomm (QCOM) in the market for mobile chips.
Families of two teenagers who were killed in a car crash in which a faulty ignition switch made by General Motors (GM) has been implicated have decided to drop their lawsuit against the company and seek a settlement instead. At issue are legal protections enjoyed by General Motors for claims and liabilities that preceded the company's 2009 bankruptcy.
Mobile-phone maker Blackberry (BBRY) lost 39 cents per share in its second fiscal quarter, or 2 cents per share on an adjusted basis. Analysts had expected the company to lose 16 cents per share. The company is also launching a new large-screen phone called the Passport, which features a square screen and a physical keyboard.