Chicago Bridge & Iron Co. (CBI) shares shot up more than 30% on heavy trading volume Tuesday afternoon after the Delaware Supreme Court ruled in favor of the company in a $2 billion dispute with Toshiba (TOSYY) subsidiary Westinghouse.
Westinghouse and CB&I agreed to go to an auditor to settle their dispute over the sale of CB&I's nuclear unit to Westinghouse in 2015. However, the Delaware Supreme Court ruled that Westinghouse could not bring issues tied to historical accounting to the auditor.
That accounting history was central to Westinghouse's case, according to Reuters.
Chicago Bridge & Iron shares were up 31.67% to $18.96 in afternoon trading Tuesday.
What's Hot On TheStreet
Another bank is bullish on Alibaba: JP Morgan initiated Chinese e-commerce giant Alibaba (BABA) - Get Alibaba Group Holding Ltd. Report with an overweight rating and $190 price target in a new note Tuesday, representing more than 30% growth over Monday's closing price of $142.73. In JP Morgan's eyes, Alibaba is entering a transformation from a pure play e-commerce company to a data-driven beast that stands to power its bottom line more than most expect.
"We believe Alibaba's core commerce is expanding from traffic monetization to data monetization and such trend will quickly expand to its media/cloud businesses," writes JP Morgan analyst Alex Yao. "Such expansion not only allows Alibaba to tap into non-transaction-based corporate budget (e.g. market research, brand awareness, and customer service), but also supports our investment thesis based on sustainable revenue/earnings growth."
A key Walmart business springs back to life: Walmart (WMT) - Get Walmart Inc. Report is starting to see long-awaited sales growth at its U.K. Asda division as Britons shift their shopping habits towards food purchases with a slump in consumer confidence and surging inflation, TheStreet's Lisa Botter reports. Sales at Asda rose by 2.2% for the 12-weeks ended June 18, well ahead of the 0.9% pace notched in the 12 weeks to May 21, according to new data from research firm Kantar.
Different strategies emerge in driver-less cars: Alphabet Inc.'s (GOOGL) - Get Alphabet Inc. Class A Report deal with rental car giant Avis Budget Group Inc. (CAR) - Get Avis Budget Group, Inc. Reportto have Avis manage some self-driving test cars developed by Alphabet's Waymo unit and Fiat Chrysler FCAU feels a little overblown, writes TheStreet's Eric Jhonsa. The deal only covers test cars deployed in one metro area (Phoenix, Ariz.), and isn't exclusive, Jhonsa points out.
Meanwhile, Apple Inc.'s (AAPL) - Get Apple Inc. Report deal with Avis rival Hertz Global Holdings Inc. (HTZ) - Get Hertz Global Holdings Inc Report feels even smaller. Apple, which has reportedly been testing a half-dozen self-driving cars around the San Francisco Bay Area, is just leasing a small number of Lexus RX450h SUVs from Hertz, with the idea of retrofitting them with self-driving test systems.
Visit here for the latest business headlines.