On Tuesday, Shares of MBIA Inc. (NYSE:MBI), lost -5.65% to $6.01, hitting its lowest level, as concerns over Puerto Rico’s ability to repay its debt multiply.
Puerto Rico’s governor said the island would seek to delay payments on its $72 billion of debt.
Odeon Capital Group LLC joined analysts cutting their recommendation on the insurer because it guaranteed much of the U.S. commonwealth’s debt. The cost to protect against a default by the company reached the highest since May 2013, when the insurer regained investment-grade ratings from Standard & Poor’s it had lost during the U.S. housing crisis, Bloomberg Reports.
MBIA’s National Public Finance Guarantee Corp. has guaranteed $4.5 billion of Puerto Rico bonds and would be on the hook for as much as $10 billion of lost principal and interest, according to a regulatory filing. Bloomberg added.
MBIA Inc. provides financial guarantee insurance services to public finance markets in the United States and internationally. The company operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments.
Shares of Mondelez International, Inc. (NASDAQ:MDLZ), inclined 0.73% to $41.14, during its last trading session, as Consumer stocks were posting slim gains Tuesday with shares of consumer staples companies in the S&P 500 climbing less than 0.1% while shares of consumer discretionary firms in the S&P 500 were hanging on to a 0.3% advance.
In company news, Shares of Mondelez International were the recipient of a noteworthy growth in short interest in June. As of June 15th, there was short interest totaling 20,851,119 shares, a growth of 27.0% from the May 29th total of 16,421,210 shares, MarketBeat.Com reports. About 1.3% of the shares of the stock are sold short. Based on an average daily volume of 8,322,245 shares, the days-to-cover ratio is presently 2.5 days.
In other news, Mondelez declared that it has renewed its global planned partnership with Facebook, the world’s largest discovery platform, with a focus on creating and delivering creative video content and driving impulse snack purchasing online. Through this partnership, the companies will work together to leverage and innovate around two of the fastest growing consumer behaviors on social media platforms: video consumption and mobile commerce.
Mondelez International, Inc., through its auxiliaries, manufactures and markets snack food and beverage products worldwide. The company offers biscuits, counting cookies, crackers, and salted snacks; chocolates, and gums and candies; powdered beverages and coffee; and cheese and grocery products.
Finally, The Walt Disney Company (NYSE:DIS), ended its last trade with 0.96% gain, and closed at $114.14.
Christine M. McCarthy has been named Senior Executive Vice President and Chief Financial Officer and Kevin Mayer has been named Senior Executive Vice President and Chief Strategy Officer of The Walt Disney Company (DIS), effective right away, it was declared recently by Robert A. Iger, Chairman and Chief Executive Officer.
As CFO, Ms. McCarthy will now oversee Investor Relations, Corporate Planning and Control, Tax, Corporate Treasury, Corporate Real Estate, Facilities, Integrated Supply Chain Administration, and Corporate Citizenship. She succeeds James A. Rasulo as CFO.
In Ms. McCarthy’s most recent role as Executive Vice President, Corporate Real Estate, Alliances and Treasurer, she developed a finance team responsible for treasury, corporate finance, capital markets, financial risk, international treasury and investments, credit, and risk administration.
Mr. Mayer has served since 2005 as Executive Vice President, Corporate Strategy and Business Development, and in his new role as Chief Strategy Officer he will oversee Corporate Strategy, Business Development, Acquisitions, Enterprise Information Technology, Innovation, Brand and Franchise Administration, and Global Corporate Alliances.
The Walt Disney Company, together with its auxiliaries, operates as an entertainment company worldwide. The company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products, and Interactive. The Media Networks segment operates broadcast and cable television networks, domestic television stations, and radio networks and stations; and is involved in the television production and television distribution operations.
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