Analyst Cuts Sina Price Target to $70, BofA Freezes Pension, HPQ’s $122M NC Health Contract

Sina (NASDAQ:SINA): Barclays downgraded SINA citing increased R&D investment and lack of visibility into Q1 ad demand. Price target cut to $70 from $103.

Bank of America Corp (NYSE:BAC): Bank of America will freeze its pension plan effective July 1 and will begin a 401(NYSE:K) plan in its place, reported The Charlotte Observer, citing a statement from the bank.

Hewlett-Packard Company (NYSE:HPQ): HP Enterprise Services announced a $122M agreement with the North Carolina Department of Health and Human Services for HP (NYSE:HPQ) to continue providing Medicaid and mental health fiscal agent services for up to two years.

Under the extension, HP will continue managing North Carolina’s Medicaid Management Information System with business process outsourcing services. HP also is helping the state prepare for changes in the healthcare industry for Medicaid and mental health programs.

DryShips Inc. (NASDAQ:DRYS): Cantor believes DryShips remains a good value following the company’s Q4 results and maintains a Buy rating on the stock.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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