BofA, Cisco, Microsoft, Intel, Sirius Among Heavy Stock Volume Movers Jan. 23rd

As the final week of trading in January began today, the markets were off to another good start. Traders saw S&P 1,310 as an important area of support and the index price recently just bounced off it the level to move continue the upward trend. Here’s what’s happening at these highly traded companies in market action:

Bank of America Corp (NYSE:BAC): In a January 19 address to employees, Bloomberg reports that Bank of America (NYSE:BAC) CEO Brian Moynihan said Phase 2 cuts would raise annual savings to $6B-$8B.

Cisco Systems, Inc. (NASDAQ:CSCO): The amount of American adults who own computer tablets jumped to 19% from 10% between mid-December and early January., Pew Research is expected to report later today, according to The New York Times. Ownership of e-readers rose by a similar amount, the survey found, according to the newspaper.

Microsoft Corporation (NASDAQ:MSFT): Nokia (NYSE:NOK) may have already shipped as many as 1.3M Lumia handsets, the company’s first phones running Microsoft (MFST) software, last year, according to the average estimate of 22 analysts compiled by Bloomberg. The analyst projections range from 800,000 to 2M and just one predicted sales of fewer than 1M handsets.

Intel Corporation (NASDAQ:INTC): QLogic (NASDAQ:QLGC) announced a definitive agreement to sell the product lines and certain assets associated with its InfiniBand business to Intel (NASDAQ:INTC) for $125M in cash. The sale is expected to close within this quarter, following the satisfaction of regulatory requirements and other customary closing conditions. Expects the impact on EPS to be neutral.

Sirius XM Radio Inc. (NASDAQ:SIRI): Morgan Stanley downgraded Sirius XM based on valuation and high growth expectations. Price target lowered to $2 from $2.30.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com