BofA to Clean Up on Barclays Share Sale Fees and 2 Other Hot Stocks to Watch
Bank of America Corp. (NYSE:BAC): Current price $14.55
Bank of America Merrill Lynch is among several investment banks involved in Barclays’ share sale, which is required by the U.K.’s financial regulator. As underwriters, BofA Merrill Lynch, along with Citi, Credit Suisse, and Deutsche Bank, could split a total fee bonanza of nearly £100 million, or $153.49 million. On Tuesday, Barclays said that it intends to raise £5.8 billion from its shareholders to satisfy the regulator’s demands for the bank to reinforce its capital reserves. The underwriters will garner fees up to 1.7 percent of the gross proceeds of roughly £5.95 billion, pursuant to the agreement.
Cisco Systems Inc. (NASDAQ: CSCO): Current price $25.88
On Tuesday, Cisco Systems and NetApp broadened the FlexPod portfolio with new validated designs throughout the entire portfolio, highlighted by the launch of FlexPod Select for dedicated data-intensive workloads. The portfolio now includes FlexPod Datacenter (formerly FlexPod) for core enterprise data centers and service providers, FlexPod Express (formerly ExpressPod) designed for medium-sized firms and branch offices, and FlexPod Select meant for data intensive workloads.
Corning Inc. (NYSE:GLW): Current price: $15.06
The maker of Gorilla Glass, Corning Inc., posted a 4 percent growth in its second quarter revenue, as demand increased for the scratch-resistant glass employed in smartphones and tablets. Revenue moved from $1.91 billion to $1.98 billion, and net profit rose by 43 cents per share to $638 million in the quarter from $474 million, or 31 cents per share, year-over-year.