Bank of America Resumes Hearing, Cytokinetics Fudges Phase II Trials, and 2 More Hot Stocks
Bank of America (NYSE:BAC): Following a one-month hiatus, Bank of America’s Article 77 hearing resumes Monday to determine whether its $8.5-billion mortgage-backed securities settlement will be upheld. Over the break, Bank of American reportedly refused to honor a judge’s suggestion that it engage in mediation talks with objectors such as AIG (NYSE:AIG), which was more than happy to sit and chat.
Cytokinetics Inc. (NASDAQ:CYTK): A Phase II trial error may have fudged the results of the Tirasemtiv treatment test for Lou Gehrig’s disease. The accident resulted in 58 subjects incorrectly receiving a placebo rather than the drug. The news sent shares plunging more than 11 percent, although the stock has recovered somewhat since.
Sprint Nextel Corp. (NYSE:S): Shareholders of the third-largest wireless carrier have opted in favor of the Softbank takeover of 78 percent of the company, with 53 percent of investors choosing to receive $5.65 in cash and 0.26174408 per share of new Sprint for each existing share owned. Around 3 percent elected to receive just stock, while the 44 percent of shares that didn’t vote will get cash. The merger will likely be closed on Wednesday.
Comcast Corp. (NASDAQ:CMCSA): Comcast’s Universal Studios continues its flow of box office hits, this time with Despicable Me 2. The film trounced Disney’s (NYSE:DIS) Lone Ranger effort. Despicable Me 2 pulled in $142.1 million during the extended July 4 weekend, while The Lone Ranger took in a sub-par $48.9 million.