Bank of America (NYSE:BAC): Newcastle Investment (NYSE:NCT) has co-invested with Nationstar Mortgage (NYSE:NSM) as Nationstar acquires mortgage servicing rights from Bank of America (NYSE:BAC), National Association. The current portfolio includes an unpaid principle balance of about $10.4B and is comprised of residential mortgage loans in enterprise pools sponsored by the government. In order to acquire the right to receive 65% of the monthly cash flow brought about by the MSR, Newcastl has invested approximately $44M. Nationstar intends to service the loans and perform daily servicing functions. Shares of Bank of America are trading 2.32% higher today.
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Apple Inc. (NASDAQ:AAPL): According to Canaccord’s May channel checks, iPhone 4s sales slow prior to the iPhone 5 launch, but it continues to be the top selling U.S. smartphone. Because Apple is expected to show strong 2012/13 sales and earnings growth as a result of new product, shares possess a Buy rating with a $755 price target. Furthermore, Walkley states that his May checks show that iPhone is the top-selling U.S. smartphone, but the iPhone 4S’ age has brought about “gradual share losses.” He expects iPhone sales to drop form 35.1M in the March quarter to 27M in the June quarter, but there is promise for future growth due to the releases of the next-generation iPhone, new iPad, upcoming MacBook refreshes, and the expected iTV in 2013. Shares of Apple Inc. are trading 1% lower today.
Facebook, Inc. (NASDAQ:FB): A Reuters/Ipsos poll shows that four out of five Facebook have not purchases a produce or service as a result of advertising or comments on the social networking site. Reuters says that this means more should be done to transform Facebook’s 900M customer base into ad money. Shares of Facebook, Inc. are trading 1.71% lower today.
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