Stocks higher...Ford’s new CEO speaks...Justices make it easier for companies to defend patent cases
NEW YORK (AP) — U.S. stocks are higher as software and chip makers and other technology companies climb. Defense contractors are also rising as the market bounces back from a turbulent week. Ford is up after it replaced CEO Mark Fields.
DEARBORN, Michigan (AP) — Ford’s new CEO says the automaker does a lot of things well, but is not as good at handling complex strategy questions. Jim Hackett spoke at a news conference today, after he replaced former CEO Mark Fields, who was with Ford for 28 years. Ford has been struggling to keep its traditional auto-manufacturing business running smoothly while remaking itself as a nimble, high-tech provider of new mobility services.
WASHINGTON (AP) — The Supreme Court is making it easier for companies to defend themselves against patent infringement lawsuits. The justices ruled unanimously today that such lawsuits can be filed only in states where defendants are incorporated. The issue is important to many companies that complained about patent owners choosing more favorable courts in other parts of the country to file lawsuits.
GENEVA (AP) — Swiss specialty chemicals maker Clariant and The Woodlands, Texas-based Huntsman Corp. are merging to create a company with a market value of $13.8 billion. The companies say they plan to combine in “a merger of equals” through an all-stock transaction. The resulting company is to be named HuntsmanClariant, with stock exchange listings in both Zurich and New York.
TRENTON, N.J. (AP) — New Jersey is suing gun manufacturer Sig Sauer, saying it sold defective handguns to the state police. The company, based in Newington, New Hampshire, sold 3,000 handguns to New Jersey State Police for nearly $2 million. The lawsuit says that when the weapons were delivered in 2014, many of the guns malfunctioned by not ejecting shell casings when fired. Sig Sauer hasn’t responded to a request for comment.