Alcoa Expects Strong Demand in 2013 and 3 Dow Movers Attracting Attention
Bank of America Corporation (NYSE:BAC): Current price $11.57
Bank of America is paying Fannie Mae $3.6 billion and buying back $6.75 billion in loans, along with making another payment for foreclosure delays. This represents only the most recent payment that the firm has made for mortgages it or Countrywide underwrote and then sold, either to the government-sponsored enterprises or to private bond investors. During this week in 2011, it made a similar arrangement with Freddie Mac and agreed to pay $8.5 billion to private bondholders in another accord.
The Boeing Company (NYSE:BA): Current price $76.41
Chief Executive Akbar al-Baker of Qatar Airways soft-pedaled safety worries concerning Boeing’s new 787 Dreamliner aircraft, tossing aside several recent incidents with the plane as “teething problems” and announcing that he had no intentions of canceling orders, commenting that, “Of course there will be teething problems from time to time, but this is foreseen with any new aircraft program.” Qatar Airways is the Dreamliner’s biggest customer in the Middle East with an order for as many as 60 of the aircraft — 30 firm orders plus an option to buy an additional 30.
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Alcoa (NYSE:AA): Current price $9.11
Alcoa is a leader of the fourth quarter earnings season, beating top-line and hitting bottom line estimates in the face of weak aluminum prices last year. Also, the firm anticipates stronger aluminum demand in 2013. Alcoa delivered income from operations of $64 million, excluding special items, in the quarter along with adjusted EBITDA of $282 million. On a per-share basis, the historic firm hit analysts’ consensus estimate on the mark, earning 6 cents per share.
Chevron Corporation (NYSE:CVX): Current price $109.27
Chevron has named Maria Lindenberg as its chief procurement officer effective January 1st. Lindenberg succeeds Leo Lonergan who will retire on February 1st. Lindenberg, who most recently served as general manager of Supply Chain Management for the company’s Southern Africa Strategic Business Unit, will now oversee Chevron’s enterprisewide supply chain management activities.
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