Bank of America, Dendreon, AIG, Annaly, AGNC High Volume Stock Movers Mar. 8th
Bank of America Corp (NYSE:BAC): Bank of America (NYSE:BAC) may have prevented homeowners from receiving mortgage-loan modifications in order to avoid millions of dollars in losses, reports Reuters, citing a complaint unsealed in federal court. The complaint said the company and its loan servicing subsidiary pretend to have lost homeowners’ documents and misled homeowners about their eligibility for HAMP.
Dendreon Corporation (NASDAQ:DNDN): In a note to investors today Citigroup (NYSE:C) wrote that the results of the Zytiga trial are negative for Dendreon (NASDAQ:DNDN), which markets a prostate cancer treatment called Provenge. Zytiga will likely lower Provenge’s market share, said Citigroup, which maintains a Neutral rating on Dendreon. Citi also wrote that the news removes any near-term chance of a Dendreon takeover.
American Capital Agency Corp. (NASDAQ:AGNC): American Capital Agency Corp. 62 million share spot secondary offering priced at $29.35. BofA/Merrill, Citigroup, Goldman, JPMorgan and UBS acted as joint book running managers for the offering.
American International Group, Inc. (NYSE:AIG): AIG overall option implied volatility of 36 is below its 26-week average of 43 according to Track Data, suggesting decreasing price movement into the Treasury planning to sell a $6B stake in the insurer.
Annaly Capital Management, Inc. (NYSE:NLY): This week, Wells Fargo downgraded Annaly Capital citing potential risks from the company’s longer duration portfolio with rising longer term rates. The firm lowered its price target range for shares to $16-$17 from $16-$18.
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