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Company News for June 5, 2012

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•    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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