Bank of America and St. Jude Medical Yield Quarterly Reports and 3 More Hot Stocks
Bank of America (NYSE:BAC): Bank of America has reported earnings per share of 32 cents, beating estimates by 6 cents, with revenue of $22.9 billion beating by $0.29 billion. Net interest income of $10.8 billion rose 10.1 percent year-over-year, though non-interest income of $12.2 billion fell 1.9 percent. The Basel III Tier 1 Capital Ratio is 10.83 percent, while Chief Financial Officer Bruce Thompson says the bank is well-positioned to meet the new 5 percent capital requirement by 2018.
St. Jude Medical (NYSE:STJ): Earnings per share of 96 cents have beaten projections by 2 cents, while revenue of $1.40 billion also beat, by $0.04 billion. Net profit fell 53 percent to $115 million, largely dented by charges of $160 million, mostly related to debt retirement. Adjusted net profit fell flat at $275 million. Cardiac Rhythm Management fell 4 percent to $718 million and Atrial Fibrillation grew 9 percent to $237 million, while Cardiovascular was flat at $340 million and neuromodulation rose 2 percent to $108 million.
Vivus (NASDAQ:VVUS): A compromise solution put forth by Vivus in which CEO Leland Wilson would have offered to retire and the board would have been made up of four VVUS nominees, four nominees from the hedge fund, and one independent nominee, has been soundly rejected by First Manhattan, which is now suing the company for the delayed shareholder vote.
GlaxoSmithKline (NYSE:GSK): Chinese authorities have apparently prevented GlaxoSmithKline’s head of finance for the region from leaving the country as part of the probe into the alleged bribery of doctors and officials. Steve Nechelput, a British national, hasn’t been arrested or questioned by police, and is free to carry out his work and travel around in China so long as he doesn’t leave the country.
J.C. Penney (NYSE:JCP): Credit Suisse reiterates its Underperform rating in the wake of reported elevated levels of promotions in the Home and Women’s Apparel categories, causing shares to slip slightly in early trading.