BofA Sees US Bancorp Suit Go Forward and 2 Other Dow Movers to Watch
Bank of America Corporation (NYSE:BAC): Current price $13.92
Justice Eileen Bransten of New York State Supreme Court in Manhattan has ruled that BofA must face a lawsuit brought by a mortgage-bond trustee that requests the repurchase of home loans backing $1.75 billion of securities. Bransten said the lawsuit filed by a U.S. Bancorp division could go forward, but turned aside a portion of the case, according to a decision dated Wednesday. U.S. Bank, the trustee for HarborView Mortgage Loan Trust 2005-10,brought a suit against Bank of America and its Countrywide Financial arm in 2011, alleging that loans underlying the securities were not equal to their promised quality and should be repurchased. Bransten dismissed a claim requesting repurchase of all the loans in the pool, while letting U.S. Bank make a new argument for proceeding on the claim. A second claim seeking repurchase of 495 loans can proceed, according to the decision.
The Boeing Company (NYSE:BA): Current price $100.84
Singapore Airlines has secured a couple of multibillion-dollar agreements with rivals Boeing and Airbus, in one of the biggest aircraft orders in the firm’s history, and the first 787-10X order for Boeing. The carrier has a conditional agreement with Boeing for 30 of the 787-10XS aircraft, pending the official intro of Boeing’s 787-10X program. The move makes Singapore Airlines the first carrier to officially commit to the 787-10X, with the first deliveries set to start in the 2018-2019 fiscal year, assuming the deal goes through.
The Home Depot (NYSE:HD): Current price $79.68
On Thursday, the home improvement retailer announced an unprecedented single-day endeavor to prepare residents in storm-prone areas for the upcoming 2013 hurricane season. On July 27, The Home Depot will host Hurricane Preparedness Workshops at over 700 of its stores ranging from the Gulf Coast to New England. 2013 hurricane activity is once again projected to be above average, and the expansion of the workshops constitutes one of a number of preemptive measures the retailer is taking in preparation. Workshop presenters will cover crucial hurricane readiness topics like storm preparation projects, generator safety, sizing generators for specific home or business needs, and putting together disaster preparedness kits.