Bank of America Corporation (NYSE:BAC): The improvement in the industry’s health is an indication that the majority of banks will find it easier to pass the U.S. Federal Reserve stress test when papers are due in January, 2013. Bank of America Corporation’s Chief Executive Brian Moynihan has stated that the too-big-to-fail (TBTF) institution’s ability to produce a “recurring earnings stream” will be a huge focus on the upcoming report. By Q3’s end, BAC’s Tier 1 common capital ratio has reached 8.97 percent, higher than the 8.5 percent target that Ben Bernanke and the Fed is likely to institute. Wall Street is to look to see if the bank has the amount of capital needed to increase its penny per share dividend to repurchase shares
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) has announced definitive merger agreements beneath which the company is to acquire Plains Exploration & Production Company (NYSE:PXP) for a total of about $6.9 billion in cash and stock and FCX is to acquire McMoRan Exploration (NYSE:MMR) for nearly $3.4 billion in cash, or $2.1 billion net of 36 percent of the MMR interests which are currently owned by FCX and PXP. Furthermore, upon closing, MMR shareholders are to gain a distribution of units in a royalty trust which will hold a 5 percent overriding royalty interest on future production in MMR’s existing shallow water ultra-deep properties.
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Netflix, Inc. (NASDAQ:NFLX) entered into a multi-year licensing agreement with Walt Disney Company (NYSE:DIS) for the exclusive right to stream Disney’s content to its U.S. subscribers, but the deal’s financial terms have not been revealed. The terms do stated that starting 2016, Netflix is to have the ability to stream movies from the Disney Studio and its associated studios instantly after release. Also, Netflix would obtain access to Disney’s direct-to-video releases beginning in 2013.
Apple Inc. (NASDAQ:AAPL): In an interview with the Wall Street Journal, Google’s (NASDAQ:GOOG) former CEO and current executive chairman Eric Schmidt has labeled Apple’s strategy of suing Google’s partners and not Google itself in regards to patents “extremely curious.” Additionally, Schmidt stated that he was “optimistic” about the company’s antitrust talks with U.S. and European regulators that Google could potentially consider owning a wireless network someday, but currently, the company continues to be focused on high-speed fiber and that new technology and revised regulation will be able to overcome the current spectrum shortage.
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