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Here’s Why United Continental, Cirrus Logic, Viacom and Two Other Stocks are Moving Today

Viacom Ex-CEO Lawsuit: Redstone Fires Back

Lawyers of media tycoon Sumner Redstone have filed a motion to dismiss a lawsuit in Massachusetts court, which alleges that Mr. Redstone, 93, was mentally impaired when he decided to oust Viacom, Inc. (NASDAQ:VIAB)’s CEO Philippe Dauman and board member George Abrams from the trust that oversees Viacom and CBS. The motion requests the court to reject the lawsuit and claims that Mr. Redstone’s has not been deemed mentally incompetent by a court or by medical doctors. In a statement, a spokesman for Damon and Abrams, who are the fillers of the lawsuit, said that the motion depicts continued efforts to stop any fair inquiry into Redstone’s “well-being.” From our database, 42 funds were bullish on Viacom, Inc. (NASDAQ:VIAB) at the end of March. Donald Yacktman’s Yacktman Asset Management owns over 4.44 million shares of the company, according to its latest 13F filing.

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FDA Approves Emergent Biosolutions Building 55

Emergent Biosolutions Inc (NYSE:EBS) announced on Monday that the FDA approved Building 55, the company’s facility for manufacturing of anthrax vaccine, BioThrax, after Pre-Approval Inspection (PAI) of the building. In a statement, Adam Havey, president of the biodefense division of Emergent Biosolutions said that the company has reached a critical milestone in its BioThrax comparability program. Pre-Approval Inspection (PAI)’s positive outcome shows a “substantial” financial investment in Building 55 by the company, and hard work by its employees, Mr. Havey added. Joel Greenblatt’s Gotham Asset Management has 443,728 shares of Emergent Biosolutions Inc (NYSE:EBS) as of the end of the first quarter. Overall, 17 funds from our database are long the stock as of the end of March.

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Cirrus Logic Gets “Buy” Rating from Canaccord Genuity

Cirrus Logic, Inc. (NASDAQ:CRUS)’s stock has advanced by over 4% after Canaccord Genuity initiated coverage with a “Buy” rating and a price target of $52. The firm cited Apple Inc. (NASDAQ:AAPL)’s content growth, Android’s increasing market share, and long term microphone opportunity as the reasons for the bullish rating. Crispin Odey’s Odey Asset Management Group is one of 33 hedge funds from our database, which are long Cirrus Logic, Inc. (NASDAQ:CRUS), as of the end of the first quarter.

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Disclosure: None

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