BofA POACHES Gore and 4 Heavily Traded Shares on the Move
Sirius XM Radio Inc (NASDAQ:SIRI): Today, Standard & Poor’s Ratings Services said it assigned New York City-based satellite radio company Sirius XM Radio Inc.’s proposed issuance of senior notes due in 2022 its ‘BB’ issue-level rating and ‘3’ recovery rating. The ‘3’ recovery rating shows expectations for meaningful (50 percent to 70 percent) recovery if there is a payment default. Sirius intends to use the net proceeds for general corporate purposes, including the refinancing of its 13 percent senior notes due in 2013 ($681 million outstanding as of June 30, 2012).
Bank of America Corp (NYSE:BAC): Bank of America Merrill Lynch poached UBS’s Asia mergers-and-acquisitions head Stephen Gore to lead its M&A unit for Asia-Pacific excluding Japan, according to two sources. This is the latest of numerous hirings the banks have made from each other.
Research In Motion Limited’s (NASDAQ:RIMM) best hope best hope to survive could be a partnership with Samsung (SSNLF), including a deal for the licensing of its BB10 operating system which is currently under development, states an analyst at Jefferies, reported The Globe and Mail late yesterday.
Hewlett-Packard Company (NYSE:HPQ): Meg Whitman cleans up more of Hewlett-Packard’s large, complicated house. Wednesday, the company announced that it would be taking an accounting charge totaling $8 billion in relation to its 2008 acquisition of Electronic Data Systems for $13.9 billion. HP also stated that it would take a charge of $1.5 billion to $1.7 billion in relation to layoffs announced last May. Originally HP projected a charge of $1 billion in cutting nearly 27,000 jobs from its work force of almost 350,000, but the company stated that more workers took early retirement than it expected.
Sprint Nextel Corporation (NYSE:S) CEO Dan Hesse informed reporters touring the company’s Kansas headquarters that he does not regret Sprint’s $15 billion in commitments over four years to sell the iPhone (NASDAQ:AAPL), because, he says, the company could not afford not to possess the devices its customers want, according to AllThingsD. Hesse states that selling the iPhone is good for the long term, though it is expensive in the short term.
Don’t Miss: Sprint: Here’s HINTS About Apple’s New iPhone.
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