Company News: Disney, Dell, Apple, Zynga, Google, Citigroup, Fannie Mae, Samsung
• Bowing to board pressure, Walt Disney CEO Robert Iger has agreed to put off his planned retirement by 15 months. Iger, who became chief executive officer in 2005, was scheduled to relinquish the title on April 1, 2015. Under his watch, Disney shareholders have logged a 193 percent return. Bad reviews for The Lone Ranger, which hit theaters over the July 4 holiday, have analysts predicting the $225 million film will be Disney’s biggest blooper since John Carter, which lost $200 million in 2012.
• Carl Icahn says he has secured $5.2 billion in debt financing for his bid for Dell. The activist investor is encouraging the computer maker’s shareholders and directors to reject a leveraged buyout of the company by founder Michael Dell and his private equity partner, Silver Lake, arguing that they’re offering too little.
• Apple is trying to secure the trademark for the term iWatch in Japan, adding more fuel to reports that the maker of the iPhone is developing a wearable computer. Analysts say new devices are key to the company’s efforts to bolster its sagging stock price.
• It’s game over for Zynga CEO Mark Pincus. The struggling social-gaming company said Pincus will be replaced by Don Mattrick, who headed the interactive entertainment division at Microsoft. Shares jumped as much as 13 percent on the news, in hopes that Mattrick can replicate some of the success he had with the Xbox.
• Google won a reversal of a court order allowing authors to sue as a group in a $3 billion lawsuit alleging the company violated copyrights with its project to digitize millions of books.