Bank of America Corp (NYSE:BAC) Merrill Lynch Managing Director and Equity Strategist Tim Rocks isbased in Sydney and is heading to Nomura (NYSE:NMR) as managing director, the Wall Street Journal reports. Rocks’ position at BofA Merrill will be taken by Joshua Kirkwood.
Sprint Nextel Corporation (NYSE:S) is the first American nationwide wireless carrier to integrate its buyback program into online retail experience. Sprint has also begun automatically guiding online users through the process of reselling old phones in exchange for a store credit toward a new phone. Last week, Sprint Buyback was again named the best buyback program within the wireless industry by Compass Intelligence and has already kept millions of phones from landfills.
Nokia Corporation (NYSE:NOK) has fallen 3.6 percent making new lows again after being downgraded to Underperform by Jefferies. The firm has cited Microsoft’s hardware development efforts (although there are no smartphones in the pipeline currently), the inability to upgrade current Lumia phones to Windows Phone 8, the rival hardware emphasis by carriers, and more loss expectations. The warning by Alcatel-Lucent can’t be helping Nokia either.
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Alcatel Lucent SA (NYSE:ALU): Today’s Alcatel-Lucent (ALU -17.9 percent) crash, the result or more unfavorable earnings news, is causing many to wonder if it can survive without major restructuring. Stuart Jeffrey from Nomura notes Alcatel’s remarks regarding failure to reach its operating margin guidance indicates that it will struggle to transform cash flow positive. According to Goldman, liquidity pressures could begin in 2013. A number of other telecom equipment names have been warned. CIEN is down2.9 percent. TLAB is down 2.4 percent.
Human Genome Sciences (NASDAQ:HGSI): On Monday, GlaxoSmithKline P.L.C. stated it entered a deal to purchase Human Genome Sciences Inc. for $3 billion, which is $400 million more than the London-based drugmaker previously offered in April.
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