BofA, RIMM, Sirius XM, Micron Tech, Sprint Nextel Highly Active Among Traders

Bank of America Corp (NYSE:BAC): Fees paid to investment banks for mergers and acquisitions, equity and debt capital markets for the first quarter of 2012 fell to their lowest level in three years at $15.9B in total, down 24% year-on-year, reported Financial Times, citing data from Thomson Reuters. Global M&A volumes dropped 14.6% sequentially to $393.2B, according to Mergermarket, the report added.

Research In Motion Limited (NASDAQ:RIMM): While some read Research in Motion’s, or RIM, (NASDAQ:RIMM) CEO Thorsten Heins’ comments Thursday as leaving open the door to M&A, Barron’s Technology Trader columnist Tiernan Ray contends it’s more likely that nothing will happen. Ray thinks RIM shares will likely “lurch” forward through the summer toward the unveiling of its new BlackBerry platform, the BB10, sometime this fall – on speculation of a comeback. There is also a substantial contingent on the Street that believes RIM’s strategy is still to sell out to someone with deep pockets. RIM has $2B in the bank, no debt, and has patents that are of value. But, the conventional wisdom is that Microsoft (NASDAQ:MSFT), the most logical bidder, has no need for RIM now that it is unleashing smartphones in partnership with Nokia (NYSE:NOK). Other potential acquirer – but not necessarily likely to take the acquisition plunge are: Sharp, Lenovo, and Asustek Comupter.

Sirius XM Radio Inc (NASDAQ:SIRI): Liberty Media (NASDAQ:LSTZA), which holds a 40% stake in Sirius XM (NASDAQ:SIRI) after rescuing the satellite radio operator with a cash infusion three years ago, has asked the FCC to approve its application for de facto control, according to Radio-Info.com.

Micron Technology, Inc. (NASDAQ:MU): Micron Technology, announced that it reached an agreement with Oracle America Inc. to settle a lawsuit filed by Oracle (NASDAQ:ORCL) against Micron in the U.S. District Court for the Northern District of California. The lawsuit alleged a conspiracy to increase DRAM prices and other violations of federal and state antitrust and unfair competition laws based on purported conduct for the period from Aug. 1, 1998, through at least June 15, 2002, and sought joint and several damages, trebled, as well as restitution, disgorgement, attorneys’ fees, costs and injunctive relief. Pursuant to the settlement agreement, the parties agreed to a settlement and release of all claims and a dismissal with prejudice of the litigation. Under applicable accounting principles, the effect of this settlement on Micron’s results of operations for Q2 of 2012 is a reduction in revenue and an increase in the net loss attributable to Micron shareholders of $58M as compared to the results previously reported on March 22, with corresponding adjustments to other items included in the company’s results of operations. As a result, for Q2 of FY12, Micron’s net loss attributable to its shareholders was $282M, or 29c per diluted share, on net sales of $2.009B.

Sprint Nextel Corporation (NYSE:S): LightSquared said in a filing to the Federal Communications Commission that a ruling proposed by the FCC staff that would effectively revoke LightSquared’s license to operate its network is entirely unsupported by the law, science, and FCC policy and precedent. Indeed, the Commission’s proposal is wholly inconsistent with a proposal the Commission made last week in the case of another terrestrial network that raised “interference” concerns. LightSquared says “The GPS industry has been well aware since 2005 that LightSquared had FCC approval to build a nationwide terrestrial network using its assigned spectrum, and as such, the FCC must work to implement a resolution that allows LightSquared to go forward so all Americans can have the benefits of innovation, lower prices and greater competition that this network will provide.” LightSquared is committed to continuing to pursue its rights to use its spectrum as repeatedly approved by the FCC, and remains willing to work with all interested parties to achieve a solution that best serves the broadband needs of millions of Americans.

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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

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