Bank of America Corp (NYSE:BAC): Urban Housing Solutions of Nashville received a grant from the Bank of America Charitable Foundation for the assistance of funding affordable, permanent housing and a recently opened medical clinic that is free to residents and is run by Vanderbilt University School of Nursing. Residents will include individuals who are homeless, mentally ill, physically disabled, individuals living with HIV/AIDS, people in recovery from drug and alcohol addiction, along with additional low-income people and families.
Zynga Inc (NASDAQ:ZNGA) stock trades close to its lowest level ever today after its forecast of a Q3 loss during weak demand for its Web-based games. It has also taken a large charge concerning its March acquisition of mobile game company OMGPop. Zynga Inc., who is known for “Words With Friends” and “Mafia Wars,” stated late on Thursday that it believes it will post a loss for Q3, mainly due to the $85 million to $95 million charge on the OMGPop purchase. It purchase the company after it released “Draw Something” for $183 million.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.
Sprint Nextel Corporation (NYSE:S) board members intend to have a special phone meeting today at noon to hold discussions regarding whether or not the company should bid for MetroPCS (NYSE:PCS), The Wall Street Journal reports, citing those familiar with the matter.
Sirius XM Radio Inc (NASDAQ:SIRI): A technical executive at Sirius XM, Robert D. Briskman, stated that Sirius XM will need nearly 800 repeaters to launch two satellites in geostationary orbit before there is same service reliability reaching 99.95 percent. These statements were made as he spoke at the 63rd International Astronautical Congress, he stated that the company will transfer to geostationary orbit within the next year, meaning that the three elliptical-orbiting satellites that were launched in 2000 will retire.
Citigroup Inc. (NYSE:C): The “junk” bond boom has created concern with some large money managers, warning that the market may be revealing signs of overheating, according to the Wall Street Journal. During the past year, investors have placed $34 billion into junk-bond mutual funds through September. Because of this, weaker companies have had the ability to sell bonds, and the credit ratings of a number borrowers have dropped as debt levels rise, making defaults probable. With yields at record lows, these managers say that investors are not being compensated for the risk.
Don’t Miss: Are Regional Banks on the Rise?