Bank of America CUTTING Jobs and 3 Hot Stocks Driving the Market Mid-Week
Bank of America (NYSE:BAC): Reflecting their broader struggles to grow in a weak economy, Bank of America Corp. (NYSE:BAC), in an attempt to increase business, has been cutting jobs in their commercial banking unit, as reported by Reuters. Shares of Bank of America are trading at 2.54% higher today.
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Apple Inc. (NASDAQ:AAPL): European chipmaker ST Micro-electronics NV (NYSE:STM), has seen their shares decline over 70% since Apple’s (NASDAQ:AAPL) iPhone began. Nokia Oyj’s (NYSE:NOK) decline, has caused them to turn to automobiles, reports Bloomberg. CEO Carlo Bozotti stated that Asian demand for luxury cars filled with semi-conductors will help to increase sales. In an interview, Bozotti mentioned, “Every new car produced last year contained at least 25 automotive chips, and some models carried over 100.” Shares of Apple Inc. are trading 0.66% lower today.
Facebook, Inc. (NASDAQ:FB): The latest power struggle, by founding entrepreneurs, in Silicon Valley, is for control of the company, reports the Wall Street Journal. In one of the most influential capital firms, Andreesen Horowitz, is telling entrepreneurs that they prefer companies where founders have controlling rights, as this allows them to resist outside distraction and develop better products. Horowitz’s firm controls a $2.7B war chest by investing in Facebook (NASDAQ:FB), Zynga (NASDAQ:ZNGA) and Groupon (NASDAQ:GRPN), and have won support from entrepreneurs. Shares of Facebook, Inc. are trading 0.95% lower today.
AT&T, Inc. (NYSE:T): Google (NASDAQ:GOOG) has started pushing its new “Jelly Bean” Android operating system update to Galaxy Nexus devices which are running the phone’s HSPA+ version. Included in this update are phones that are on AT&T (NYSE:T) and T-Mobile (DTEGY) networks, but it does not apply to Sprint (NYSE:S) or Verizon Wireless (VZ, VOD), according to AllThingsD. Shares of AT&T, Inc. are trading 0.25% lower today.
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