Apple and Facebook Sell Off at the Center of These HOT STOCK MOVERS

Bank of America (NYSE:BAC): Only a few days before shareholders were to approve Bank of America’s $50B Merrill Lynch purchase, the bank executives were warned that Merrill’s losses would hit both companies’ earnings for years to come. The bank, however, did not release this information to shareholders. The court documents that were filed yesterday have shed new light should place pressure on federal officials to hold important executives accountable for the situation. Shares of Bank of America are trading 1.92% lower today.

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Apple Inc. (NASDAQ:AAPL): According to Topeka’s Brian White, Tiawanese sources reveal that Apple’s next iPhone and a 7.8″ iPod mini is expected to be launched in September. White maintains a $1,111 PT on Apple, and he believes the new iPhone will feature a unibody, aluminum case. Also, The Galaxy S III by Samsung (SSNLF.PK) is released in the U.S. this month. Shares of Apple Inc. are trading 1.69% lower today.

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Facebook, Inc. (NASDAQ:FB): According to AllThingsD, Yahoo (NASDAQ:YHOO) and Facebook are beginning to settle their patent litigation which could lead to another close relationship between the two companies. Any deal between the two could result in a major cross-licensing of IP and deeper integration between the two sites, but Facebook is not ready to delve out a large amount of cash. Shares of Facebook, Inc. are trading 3.73% lower today.

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AT&T, Inc. (NYSE:T): Electronista reports, an antitrust lawsuit has been filed by C Spire, a privately-owned, regional wireless provider,against AT&T (NYSE:T). The lawsuit claims that the company used market influence to prohibit the smaller provider from usint its 700Mhz spectrum, and continues by claiming that (NASDAQ:GOOG) and Qualcomm (NASDAQ:QCOM) worked together to prevent regional carriers from having access to the newest devices. Shares of AT&T, Inc. are trading 0.68% higher today.

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