BofA Executive Nominated for Under Secretary Of Commerce and 2 Other Hot Stocks to Watch
Bank of America Corp. (NYSE:BAC): Current price $14.19
In a statement issued late on Thursday, it was announced that Bank of America Executive Vice Chair, Global Corporate and Investment Banking, Stefan Selig, has been nominated to be under secretary of commerce for international trade. The position is, of course, subject to approval from by the United States Senate. Selig has worked at BofA for 13 years, previously beginning his career in 1984 with First Boston Corp., the predecessor to Credit Suisse.
Santarus Inc. (NASDAQ:SNTS): Current price $32.00
Shares of the specialty drug maker Santarus are up by more than 37 percent Friday in heavy trading on the news that it will be purchased by Salix Pharmaceuticals for $6 billion. The proposed transaction will mark the largest of Salix’ half-dozen acquisitions in the past decade, and reinforces its gastroenterology portfolio, contributing two new diabetes meds.
JPMorgan Chase & Co. (NYSE:JPM): Current price $53.20
Chief Executive Gordon Smith of JPMorgan’s Chase Consumer & Community Banking said Friday that he expects the bank’s previously announced plan to cut 4,000 jobs from its consumer arm by the end of 2013, to be completed 12 months ahead of schedule. Nowadays, the Big Bank more and more utilizes electronic tools like mobile deposits, online accounts, and advanced teller machines, to process basic consumer transactions and thus decrease the need for staff in its 5,652 branches, which comprises for about half of JPMorgan’s revenue and profit.
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