Bank of America, CA, Corning, Abbott Labs, Toyota Lead Top Stock Movers Jan 25th
Bank of America Corporation (NYSE:BAC): FINRA announced that it has fined Merrill Lynch, Pierce, Fenner & Smith $1M for failing to arbitrate disputes with employees relating to retention bonuses. Registered representatives who participated in the bonus program had to sign a promissory note that prevented them from arbitrating disagreements relating to the note, forcing the registered representatives to resolve disputes in New York state courts. FINRA found that Merrill Lynch, after merging with Bank of America in January 2009, implemented a bonus program to retain certain high-producing registered representatives and purposely structured it to circumvent the requirement to institute arbitration proceedings with employees when it sought to collect unpaid amounts from any of the registered representatives who later left the firm. Shares of Bank of America Corporation are trading 0.21% higher today.
CA, Inc. (NASDAQ:CA): CA Technologies’ energy and sustainability management solution CA ecoSoftware has been chosen by NCC Group to help manage the company’s sustainability program and better meet its climate change strategy by automating carbon reporting, cutting carbon emissions and improving NCC Group’s environmental profile. NCC Group, a construction and property development company in the Nordic region, is implementing the CA ecoSoftware solution throughout its European operations. Shares of CA, Inc. are trading 10.47% higher today.
Corning Incorporated (NYSE:GLW): James B. Flaws, vice chairman and CFO, remarked. We are working closely with our customers to reduce glass prices to help them with their immediate financial strains. To that end, price declines will be significant in the first quarter of 2012, as they were in last year’s fourth quarter. We expect significant double-digit price declines over the cumulative two-quarter period. We are hopeful that our pricing actions, combined with our capacity decisions, will help us get back to more stable price declines in the coming quarters.” Corning is not anticipating much sequential change in the overall glass market in the first quarter. Volume at its wholly owned business should be in line with the glass market. In the company’s Telecommunications segment, Corning is forecasting that demand for its fiber-to-the-home, enterprise networks, and wireless products will remain strong worldwide. Shares of Corning Incorporated are trading 10.67% lower today.
Abbott Laboratories (NYSE:ABT): Abbott forecasts specified items for the full-year 2012 of approximately $0.35 per share, primarily associated with acquisition integration and cost reduction initiatives. This forecast of specified items excludes one-time costs related to the planned separation of Abbott into two companies, which will be quantified at a later date. Including these specified items, projected earnings per share under Generally Accepted Accounting Principles, or GAAP, would be $4.60-$4.70 for 2012. Shares of Abbott Laboratories are trading 1.91% lower today.
Motorola Solutions Inc (NYSE:MSI): Sees FY12 operating earnings approximately 17% of sales vs. consensus $2.89. Shares of Motorola Solutions Inc are trading 4.74% lower today.
Toyota Motor Corporation (NYSE:TM): The federal government was sued by an auto safety firm seeking records of the government’s probe into the possible unintended acceleration of a Toyota (NYSE:TM) Prius last year, The New York Times reported yesterday, citing a statement by the plaintiff. The government is withholding records that may depict an acceleration incident caused by the Prius’ electric systems, the auto safety firm said, according to the newspaper. Shares of Toyota Motor Corporation are trading 0.88% higher today.
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