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Shares of General Electric briefly fell to their lowest point in more than four years Monday after a JPMorgan analyst downgraded the company’s shares from “overweight” to “neutral.” After dipping to $28.38, the stock ended the day off fractionally to $28.97. Among other concerns, the analyst predicts struggles for NBC Universal on weaker advertising sales.
I DIDN’T DO IT
Broadcom co-founder Henry Nicholas III pleaded not guilty Monday to federal drug and securities fraud charges. The plea involves 21 counts against the billionaire contained in two indictments unsealed June 5. One indictment details what authorities claim was one of the largest stock-option backdating cases in U.S. history. The other accuses Nicholas of drugging his business cohorts, hiring prostitutes and maintaining a drug warehouse.
Time Warner Cable on Monday launched a $5 billion debt offering to partially finance a special $10.9 billion dividend to shareholders as part of its split from parent company Time Warner. The parent company will receive $9.25 billion of the dividend, for which the cable operator is selling new debt.
MySpace can collect $6 million from an Internet marketer accused of spamming its users. An arbitrator ruled that Scott Richter and his Web marketing company, Media Breakaway, must pay MySpace $4.8 million in damages and $1.2 million in attorney’s fees.
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