Bank of America, Barclays Hit With Derivatives Lawsuit and 3 More Hot Stocks
Bank of America (NYSE:BAC): Bank of America, Barclays (NYSE:BCS), and several other banks are being charged by EU watchdogs for blocking exchanges’ access to the credit derivatives market, another headache for the industry that has been hit repeatedly by regulatory violations suits. ”It would be unacceptable if banks collectively blocked exchanges to protect their revenues from over-the-counter trading of credit derivatives,” EU Competition Commissioner Joaquin Almunia said in a statement.
Disney (NYSE:DIS): Monsters University took the top slot at the box office this past weekend, with the Pixar flick raking in $46 million during its second weekend in theaters. The box office as a whole wasn’t feeling the same success that Monsters enjoyed, as Sony’s (NYSE:SNE) White House Down brought in a rather disappointing $25.7 million, but enough to give it third place. However, the low opening has seemingly inflicted a crucial wound for the movie’s chances of breaking $100 million during the theater run.
Merck & Co. (NYSE:MRK): Share are up slightly, after Merck received a complete response letter from the FDA for its insomnia treatment suvorexant, which says the safety data presented does not support 30 or 40 mg doses, and notes that 10 mg “should be the starting dose for most patients.” The FDA contends that while most patients should start at 10 mg, they can go up to 15-20 mg if Suvorexant is well-tolerated but ineffective at the lower dose.