Stocks to Watch: Akamai, AIG, Apple
NEW YORK -- Akamai Technologies (AKAM) plans to announce Monday that it has named mathematician co-founder Tom Leighton as its new CEO, The Wall Street Journal reported.
Leighton is Akamai's chief scientist. He will take over the CEO role held since 2005 by Paul Sagan, who said he would step down by the end of 2013, the newspaper reported.
American International Group (AIG) said Monday it plans to sell its stake in Asian life insurer AIA Group.
AIG's 13.7% stake in AIA Group reportedly is worth about $6.7 billion.
Apple (AAPL) said sales of the iPhone 5 in China exceeded more than 2 million since it launched the device there on Friday.
"Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China," said Tim Cook, Apple's CEO, in a statement. "China is a very important market for us and customers there cannot wait to get their hands on Apple products."
Google (GOOG) could emerge largely unscathed from a two-year investigation by the Federal Trade Commission of its Web-search business, people familiar with the matter told the Journal.
The FTC could agree to end its probe as soon as this week, in response to several voluntary changes that Google will agree to make to its search practices, said one person briefed on the matter.
Networking giant Cisco (CSCO) hired Barclays to find a buyer for router business Linksys, Bloomberg reported, citing people with knowledge of the situation.
Linksys is likely to fetch less than the $500 million Cisco paid for it in 2003 because it is a mature consumer business with low margins, the people told Bloomberg.
Diamond Foods (DMND) is expected by analysts on Monday to post fiscal first-quarter earnings of 23 cents a share on revenue of $274.4 million.
-- Written by Joseph Woelfel
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