Bank of America and 2 Stocks Pulling the DJIA Higher
The Dow Jones Industrial Average (NYSEARCA:DIA) is up 0.19% today at 12,908. After the mortgage settlement and some other good news, these companies are leading the index higher.
American Express Company (NYSE:AXP) targets 12%-15% EPS growth according to a presentation at the Company’s semi-annual Financial Community Meeting by Kenneth I. Chenault, Chairman and Chief Executive Officer and Stephen J. Squeri, Group President of the Company’s Global Corporate Services business. AXP shares recently traded at $52.38, up $0.74, or 1.43%.
Bank of America Corporation (NYSE:BAC): U.S. Attorney General Eric Holder, Department of Housing and Urban Development Secretary Shaun Donovan, Iowa Attorney General Tom Miller and Colorado Attorney General John W. Suthers announced that the federal government and 49 state attorneys general have reached a landmark $25B agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. The joint federal-state group entered into the agreement with the nation’s five largest mortgage servicers: Bank of America Corporation, JPMorgan Chase (NYSE:JPM), Wells Fargo & Company (NYSE:WFC), Citigroup (NYSE:C) and Ally Financial, formerly GMAC. The joint federal-state agreement requires servicers to implement comprehensive new mortgage loan servicing standards and to commit $25 billion to resolve violations of state and federal law. Under the terms of the agreement, the servicers are required to collectively dedicate $20B toward various forms of financial relief to borrowers. Mortgage servicers are required to fulfill these obligations within three years. In addition to the $20 billion in financial relief for borrowers, the agreement requires the servicers to pay $5B in cash to the federal and state governments. BAC shares recently traded at $8.24, up $0.11, or 1.35%.
United Technologies Corp. (NYSE:UTX) is looking at selling a pump and compressor-making division to raise cash for its planned purchase of Goodrich Corp. (NYSE:GR), sources say. UTX shares recently traded at $83.67, up $1.93, or 2.36%.
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