Peregrine Founder to Pay Restitution to Victims: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include Peregrine Financial Group after founder Russell Wasendorf said he will pay restitution to clients he admitted to stealing from over a 20-year period.
The restitution adds up to $215.53 million. Wasendorf is set to be sentenced on Jan. 31. Prosecutors are seeking a 50-year sentence for Wasendorf, who has pleaded guilty to lying to prosecutors and mail fraud.
In his plea agreement, Wasendorf admitted to stealing from Peregrine for nearly 20 years and using the money to fund his personal lifestyle as well as pay for outside business interests and aiding the firm's financial position.
Government officials are currently compiling a list of names of Wasendorf's victims. They believe it will include more than 10,000 individuals.
Peregrine was shut down in July 2012 after a shortfall in customer funds was discovered.
McDonald's(MCD) is trending after the fast-food chain reported fourth-quarter results that beat expectations.
The company reported revenue of $6.95 billion and earnings of $1.38 a share; analysts had been expecting earnings of $1.33 a share. McDonald's also reported a 0.3% rise in same-store sales for the quarter and a 3.1% rise in same-store sales for the full year, which the company attributed to both its revamped value menu and premium offerings.
McDonald's said its operating margin widened to 31.6% from 31.1%.
Cisco Systems(CSCO) is another popular search. The company said it will buy Israeli software maker Intucell for $475 million in cash and incentives.
Intucell provides technology that helps mobile carriers manage cellular networks automatically. Cisco is making the acquisition as it faces increased network traffic and complexity. Intucell is expected to be able to help Cisco with related challenges by being able to identify problems in real time and adapt the network to meet demand.
The deal is expected to close in the third quarter of fiscal 2013.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar.