Bank of America Sheds Chinese Shares, J.C. Penney’s New Fan, and 3 More Hot Stocks
Bank of America (NYSE:BAC): Bank of America has announced that it is selling off its remaining shares in China Construction Banking (CCB), the second biggest lender in China. Bank of America has offered a slight discount on the 2 billion shares, reportedly offering a price of between 5.63 Hong Kong dollars and 5.81 Hong Kong dollars per share (slightly less than $0.75 per share), compared to the market price of 5.93. The deal could generate as much as $1.5 billion for Bank of America.
J.C. Penney (NYSE:JCP): Hayman Capital has disclosed a 5.18 percent position in J.C. Penney after not holding any shares in the company as of the end of June. Going into the Labor Day weekend, the shares were priced at their year-to-date low at $12.12.
Dean Foods (NYSE:DF): Goldman Sachs has downgraded shares of Dean Foods from a Buy rating to a Neutral rating, expressing concerns over milk volumes in the second half of 2013. This comes after Dean Foods had sold its subsidiary Morningstar and offered a public sale of stock in WhiteWave Foods, eliminating a significant amount of debt from its balance sheet.
Las Vegas Sands Corp. (NYSE:LVS): David Sisk, the 2nd in command of the Macau division of Las Vegas Sands, announced his resignation in the midst of a corporate power scuffle, the Wall Street Journal reports. The company’s revenue in Macau rose 18 percent during the month of August and its traffic numbers in China have been on the rise as well, both of which are good news in the wake of the over $47 million payment the company had to make to settle a federal government probe regarding suspicious deposits.
Amgen (NASDAQ:AMGN): A drug for treating heart failure co-developed by Amgen and Cytokinetics (NASDAQ:CYTK) failed to halt shortness of breath in a preliminary clinical study. The drug, Omecamtiv-Metcarbil, will continue in a Phase II study with an oral administration, with its progress into a Phase III study yet to be determined. In other news, a different Amgen drug, AMG 145, showed positive results in being able to halve levels of bad cholesterol and is currently in a Phase III trial.
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