BofA Asks for No Penalty in Countrywide Decision and 2 Other Hot Stocks to Watch
Bank of America Corp. (NYSE:BAC): Current price $15.34
Even though a jury rendered a verdict that Bank of America was liable for fraud regarding the sale of defective mortgages by its Countrywide Financial unit, the bank’s attorneys urged U.S. District Judge Jed Rakoff in Manhattan to impose no penalty. The Justice Department is seeking $863.6 million of damages from the company over losses that Fannie Mae and Freddie Mac incurred after purchasing home loans in 2007 and 2008. But the request came to no avail: In a court filing on Wednesday night, four weeks after the jury verdict, Rakoff told Bank of America that under applicable law, it must pay the maximum $1.1 million.
Hologic Inc. (NASDAQ:HOLX): Current price $22.88
The manufacturer of cervical cancer and breast biopsy tools has adopted a shareholder rights plan subsequent to billionaire investor Carl Icahn reporting a 13 percent position in the firm and announcing that he might look for board seats. The rights scheme was created to ensure that all shareholders are “appropriately compensated” and that the board has time to make “informed judgments” should a person or group attempt to gain control, according to a statement Hologic released on Thursday. However, analyst Vijay Kumar at International Strategy & Investment Group in New York said that the move will not likely affect Icahn.
Navigator Holdings Ltd. (NYSE:NVGS): Current price $20.26
Shares of the liquefied gas carrier, which is controlled by billionaire investor Wilbur Ross, are up more than 5.5 percent in their Thursday debut. Navigator Holdings was able to raise $228 million after its initial public offering was priced at $19 per share, marking the top end of its expected price range. Navigator owns and operates the biggest fleet of handy size tankers on the planet, which transports an array of liquefied gases including liquefied petroleum gas, petrochemical gases, and ammonia.