BofA Contends with Law Endorsement, TJX Posts a Solid Quarter, and 3 More Hot Stocks

Bank of America Corp. (NYSE:BAC): A federal judge has endorsed a broad interpretation of a savings-and-loan era law that the Justice Department is trying to use in cases against Wall Street banks, Reuters is reporting. The law comes with a low burden of proof, strong subpoena power, and a 10-year statute of limitations, about double the length of time of the typical limit for fraud cases.

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TJX Cos. (NYSE:TJX): Beats for both earnings (earnings per share of 66 cents, beating by 3 cents) and revenue ($6.44 billion, beating by $0.07 billion) coupled with a raise in guidance help confirm a stepping-down trend in retail as consumers shop for valuesSeeking Alpha notes. Same-store sales rose 4 percent, comfortably over the analyst consensus of a 3 percent. The company says it expects same-store sales to rise 2 percent to 3 percent in the current quarter.

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Johnson & Johnson (NYSE:JNJ): Johnson & Johnson reported that it has completed its acquisition of Aragon Pharmaceuticals, a privately held pharmaceutical discovery and development company focused primarily on drugs to treat hormonally driven cancers. The development of compounds from Aragon’s androgen receptor antagonist program will now be handled by Johnson’s Janssen Research & Development unit.

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Exxon Mobil Corp. (NYSE:XOM): Exxon’s stock performance has hit its 18th loss in the last 19 trading sessions, emphasizing the rough couple of weeks that Big Oil has had in the public markets. Initial declines were exacerbated by a poor quarterly report and further exaggerated by shrinking buybacks.

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Caterpillar (NYSE:CAT): Global retail sales of the machines dropped off by 9 percent year over year for the three months ended in July against the 8 percent decline in three months ended in June. Asia Pacific fell 28 percent; North America dropped 1 percent; Europe, Middle East, and Africa fell 12 percent; and Latin America was a lone holdout, picking up 11 percent.

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