Bank of America (NYSE:BAC): As investors turn to the stocks of large, dividend paying companies, especially those pictured as less vulnerable to the weakening economy or European turmoil, defense has become the new offense in the stock market, the Wall Street Journal reports. However, their popularity has pushed the so-called defensive stocks to their most expensive levels in years, which raises questions regarding whether or not they have run too far. Shares of Bank of America are trading 2% lower today.
Apple Inc.’s (NASDAQ:AAPL) new iPhone will conclued the use of the wide dock connector which was used in the company’s devices for almost a decade in favor for a more compact one. The change will probably upset Apple’s faithful, but it may be a boom for accessory makers, according to Reuters. Shares of Apple Inc. are trading 2.31% lower today.
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Facebook, Inc. (NASDAQ:FB): Canada-based design studio, Acrylic, states that its founder and engineer Dustin MacDonald was “acqhired” by Facebook (NASDAQ:FB), according to AllThingsD. Acrylic’s Pulp and Wallet were not part of the “acqhire,” but MacDonald will join the design team for Facebook. Shares of Facebook, Inc. are trading 2.09% lower today.
AT&T, Inc. (NYSE:T): News Corp (NASDAQ:NWSA) unveiled the brand and business of its Education Division, Amplify, which is dedicated to reimagining K-12 education via the creation of digital products and services to empower students, teachers, and parents in new ways. Amplify is intended to enhance potential in students by using new curricular experiences, supporting teachers with the use of new instructional tools, and engaging parents via extended learning opportunities. Amplify expects to introduce these offerings in collaboration with AT&T (NYSE:T), and together, they will begin the introduction of new curriculum and platform products through pilots within U.S. schools extending over the country through the 2012-2013 school year. Shares of AT&T, Inc. are trading 1% lower today.
Nokia Corporation (NYSE:NOK) EVP and CFO commented on today’s rating decision from Moody’s by stating, “While we are disappointed with Moody’s decision, its impact on the company is limited. We are quickly taking action to position Nokia for future growth and success. Nokia will continue to focus on lowering the company’s cost structure rapidly, improving cash flow and maintaining a strong financial position.” Nokia maintains a strong financial position, and as of June 30, Nokia gained a gross cash balance of EUR9.4 billion, and a net cash balance totaling EUR4.2 billion. Both balances are higher than last year. Nokia also possesses access to additional liquidity through a revolving credit facility of EUR1.5 billion. This is completely undrawn and available to the company until the end of March 2016. Shares of Nokia Corporation are trading 0.58% lower today.
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