Corporate News

Activision (Nasdaq: ATVI) shares are trading higher Thursday following its fourth-quarter report. Shares are up about 0.7 percent.

Non-GAAP revenue for Activision rose 11 percent to $2.41 billion, from $2.17 billion in the same period last year.

Activision swung to profit during the quarter, from a loss of $233 million last year to net gain of $99 million, or 8 cents per share, in the recent quarter. Excluding certain one-time items, earnings rose to 62 cents per share.

The Street was expecting earnings of 56 cents on revs of $2.20 billion.

"Blizzard Entertainment’s World of Warcraft maintained its leadership position as the #1 subscription-based MMORPG around the world and Activision Publishing’s Call of Duty: Modern Warfare 3 was the #1-selling game," commented CEO Bobby Kotick,. "Skylanders Spyro’s Adventure was the biggest new IP launch in Activision’s history and it is on track to become an important and sustainable franchise."

Looking ahead, Activision sees first-quarter 2012 EPS of 3 cents and revs of $525 million, versus consensus views calling for EPS of 14 cents and revs of $771.7 million. For 2012, Activision expects EPS of 94 cents and revs of $4.5 billion, nearly in-line with views for EPS of 96 cents nad revs of $4.55 billion.

Intel Corporation (Nasdaq: INTC) and the New York Attorney General have agreed to terminate the lawsuit alleging violation of U.S. and state antitrust laws that was filed by the New York Attorney General in November 2009.

The agreement, which follows a December 2011 court ruling that greatly reduced the scope of the New York Attorney General’s lawsuit, expressly states that Intel does not admit either any violation of law or that the allegations in the complaint are true, and it calls for no changes to the way Intel does business. The agreement includes a payment of $6.5 million from Intel that is intended only to cover some of the costs incurred by the New York Attorney General in the litigation.

Cincinnati Bell, Inc. (NYSE: CBB) reported Q4 EPS of ($0.17), versus ($0.11) reported last year. Revenue for the quarter came in at $365 million versus the consensus estimate of $369.99 million.

Exploring alternatives for data center unit.

For earnings history and earnings-related data on Cincinnati Bell, Inc. (CBB) click here.

Bank of America Corporation (NYSE: BAC) today confirmed it has joined the other four largest mortgage servicers in agreeing in principle to the terms of a global settlement resolving federal and state investigations into certain origination, servicing and foreclosure practices.

The settlement with 49 state attorneys general, the United States Department of Justice and other federal agencies would extend additional relief to homeowners who are struggling to make mortgage payments and to make refinancing options available to more homeowners.

Under the agreements in principle, Bank of America expects to develop new or enhanced programs to provide borrower assistance and refinancing assistance, to make direct payments to state and federal governments and borrower restitution, and to agree to national servicing standards. The agreements in principle are subject to ongoing discussions among the parties and completion and execution of definitive documentation, as well as required regulatory and court approvals.

The company would develop proprietary programs to provide expanded mortgage modification solutions, including broader use of principal reduction if permitted by the mortgage investor. Short sales would be further facilitated, and the company may offer additional assistance programs, for example deeds-in-lieu of foreclosure and funds for families transitioning out of homeownership. Programs for unemployed, military service members and other customers with identified special situations also may be enhanced. On mortgages that Bank of America owns, the company would expand refinancing opportunities or lower interest rates to provide reduced payments for many homeowners who are current on their payments but owe more than the current value of their homes.

Bank of America is finalizing its program enhancements and expects to provide additional details of eligibility requirements and implementation plans following finalization of the settlement terms.

Under an agreement in principle with the Federal Housing Administration (FHA), Bank of America also expects to resolve and otherwise limit its exposure for certain claims relating to the origination of FHA-insured mortgage loans, primarily by Countrywide prior to and for a period following Bank of America’s acquisition of that lender.

Bank of America’s commitment under the agreements in principle is $11.8 billion, including the following:

• Approximately $7.6 billion in borrower assistance, including targeted principal reduction.
  
• Approximately $1.0 billion in refinancing assistance to customers in the participating states.
  
• Approximately $2.25 billion in direct payments to state and federal governments and in borrower restitution, of which $1.9 billion would be an upfront cash payment and the remaining $350 million, would be paid only if Bank of America failed to meet certain principal reduction thresholds over a three-year period.
  
• Up to $1.0 billion in payments to settle FHA claims, of which $500 million would be an upfront cash payment, and the remaining $500 million would be paid only if Bank of America fails to meet certain principal forgiveness levels over a three-year period.

Hasbro, Inc. (Nasdaq: HAS) and Zynga (Nasdaq: ZNGA) announced today a comprehensive partnership that grants Hasbro the rights to develop a wide range of toy and gaming experiences based across Zynga's popular social games and brands. As the world’s largest social game developer with more than 227 million monthly active users, Zynga has created some of the world’s most popular social game brands including FarmVille, CityVille and Words With Friends.

Through this agreement, Hasbro has obtained the license to develop and distribute wide ranging product lines based on Zynga’s game brands in a number of toy and game categories. This deal also creates an array of opportunities for co-branded merchandise featuring a combination of both Hasbro and Zynga brands.

The two companies expect the first products to be available beginning Fall 2012.