• Shares of Chesapeake Energy Corporation (NYSE:CHK) gained 6% after it agreed to replace four existing board members with new independent directors.
• Verizon Communications Inc. (NYSE:VZ) is planning to reduce its workforce by 1,700 using a buyout offer for technicians and call-center workers. It also announced that it may practice involuntary layoffs if enough employees do not accept the voluntary package
• Research In Motion Limited (NASDAQ:RIMM) fell 5.8% and closed below $10 for the first time since December 2003. This development follows an announcement by rival Samsung Electronics that its new Galaxy S III smartphone will be launched by all four major U.S. wireless carriers this month
• Quanex Building Products Corporation (NYSE:NX) posted a second quarter loss per share of $0.06, beating the Zacks Consensus Estimate loss of $0.07 by a penny
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