Bank of America Corp (NYSE:BAC): The Wall Street Journal reports, a U.S. judge has dismissed Bank of America’s suit against Deutsche bank (NYSE:DB) and BNP Paribas (BNPQY) who both lost over $1.75B due to the collapse of the mortgage lender Taylor Bean & Whitaker.
Facebook Inc (NASDAQ:FB): The NASDAQ OMX Group Board have approved a $40M voluntary accommodations fund. The details of the proposal are subject to review by the SEC, and under the deal, approximately 13.7M will be paid to member firms in cash. This should lower trading costs, and for most firms, all benefits are expected to be seen within six months. Also, Mark Harding’s $37 PT shows Facebook at 54 times his EPS estimate for 2013. Furthermore, he believes Facebook’s display ad market will increase from 11% in 2011 to 22% in 2015, and the market will quickly increase as a result of more offline ad spending transferring to the Internet. He also points out that Facebook users’ daily engagement rates have increased across geographies, and a Reuters survey has suggested U.S. engagement may peak soon.
Sprint Nextel Corporation (NYSE:S): The Wall Street Journal reports, insiders claim that Sprint’s Virgin Mobile will begin offering Apple’s (NASDAQ:AAPL) iPhone on a pay-as-you-go plan, possibly as soon as July 1.
Chesapeake Energy Corporation (NYSE:CHK): According the Associated Press, Chesapeake Energy has furthered its discussions to sell its 45.2% limited partner interest in Chesapeake Midstream (NYSE:CHKM) as well as other pipeline assets for more than $4B to Global Infrastructure. This would be part of Chesapeake’s plan to sell assets due to a cash-flow shortage that Alembic analyst James Sullivan sees hitting $22B by the conclusion of 2013. A shareholders’ group is encouraging a federal judge to push back Chesapeake’s annual meeting unless the company reveals more information about CEO Aubrey McClendon’s pay and loans secured against his own stake.
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