Apple Outperforms These 4 Other Big Stocks in Red Trading Action
Sprint Nextel Corporation (NYSE:S): After Clearwire (NASDAQ:CLWR) issued equity, Sprint’s stake in the company drops below 50%. Sprint now intends to increase its voting rights in Clearwire and to line the company up with its holding. Last year, Sprint decreased these rights to below 50% in order to prevent increasing debt while Clearwire was in danger of being unable to make a repayment.
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Citigroup Inc. (NYSE:C): Although General Electric (NYSE:GE) was not successful in divesting the private-label credit card portfolios, this attempt may prove simpler as a result of Citigroup recommitting to this line of business and others, this includes Wells Fargo (NYSE:WFC) and Discover (NYSE:DFS), are showing interest in moving into the space.
Bank of America Corp (NYSE:BAC): Bloomberg cites a meeting summary released by the Fed in reporting that Federal Advisory Council members, constructed of one banker from each of the Fed’s 12 districts, continue to be concerned about the “uncertainty and confusion” brought to attention by the central bank’s latest group of stress tests.
JPMorgan Chase & Co. (NYSE:JPM): According to New York Fed board Chairman Lee Bollinger, fellow board member James Dimon should not give up his position at the central bank although there are cries regarding a conflict of interest due to large J.P. Morgan Chase trading losses, the WSJ reports.
Apple Inc (NASDAQ:AAPL): Following NPD’s reports involving low U.S. sales of Apple’s Macs in April and May, Piper Jaffray believe there is a possible downside to the company’s in-line Mac estimates, but the firm expects the Mac refresh to increase unit sales causing the outlook to remain unchanged. Apple shares should perform well into the iPhone 5 launch, and the firm maintains its Overweight rating.
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