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Ford recalls 680K vehicles; Square upgrade; Johnson & Johnson ordered to pay $1B

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Ford (F) – The US auto giant is recalling 680,000 vehicles worldwide to address an issue with seat belt anchor pretensioners. About 650,000 of the vehicles recalled are in North America. The models affected are the Ford Fusion, Ford Mondeo and Lincoln MKZ models.

Square (SQ) – Deutsche Bank (DB) upgraded Square to buy from hold with a price target of $17. The German bank said that the Square business model is “underappreciated” by the Street .

American Airlines (AAL) – The US airline is cutting back on flights to Cuba. Citing weak demand, American Airlines announced it will drop a quarter of its flight to the island in 2017.

Smith & Wesson (SWHC) – The gun maker posted fiscal second-quarter earnings and sales above Wall Street expectations but disappointed investors with weak guidance. Smith & Wesson reported adjusted earnings per share of 68 cents on revenue of $233.5 million.

Johnson & Johnson (JNJ) – A federal jury in Dallas has ordered Johnson & Johnson and its DePuy Orthopaedics unit to pay more than $1 billion to six plaintiffs who said they were injured by faulty Pinnacle hip implants. Johnson & Johnson said it would immediately appeal the verdict.

Starbucks (SBUX) – CEO Howard Schultz is stepping down as the head of the Seattle-based coffee giant. President and COO Kevin Johnson will take over as CEO. Schultz will remain chairman of Starbucks.