BofA to Cut Over 200 Troubled Mortgage Jobs in PA and 2 More Heavily Traded Stocks to Follow
Bank of America Corp. (NYSE:BAC): Current price $14.64
The Charlotte-based lender has advised the Pennsylvania Department of Labor that it will eliminate 209 jobs from a division that services troubled mortgages. A notice released Monday on the Department website said that BofA is cutting positions at 1120 Boyce Road in Pittsburgh by September 30. The big bank has announced an excess of 1,500 job cuts in its legacy assets and servicing division for 2013, closing facilities in Texas, New Jersey, and upstate New York.
Facebook Inc. (NASDAQ:FB): Current price $38.55
Facebook has altered its News Feed so as to help users view more relevant content while it also endeavors to facilitate how content is presented on the service’s central product. Coined as “Story Bumping,” the changes move older stories to the top of a user’s News Feed if they had not clicked on them during a previous visit to Facebook. Prior to this, Facebook posted the newest stories only at the top of the feed to keep the freshest content there.
J.C. Penney & Co. (NYSE:JCP): Current price $13.28
Penney’s shares fell to the lowest in more than 12 years at $12.65, following analyst Kimberly Greenberger at Morgan Stanley saying that the department-store chain is burning cash more rapidly than expected, and may report a wider loss than she had previously forecast. The retailer’s shares had dropped by 30 percent in 2013 through Monday, compared with a 20-percent gain in the Standard & Poor’s 500 Index.
J.C. Penney released an estimate last week that it would have approximately $1.5 billion in cash at the end of the quarter that ran through July. This was under the $1.9 billion projected by Greenberger, who wrote in a note to clients Tuesday that the figure, which implies cash use of roughly $1 billion from the prior quarter, might be caused by lower operating cash flow, increased capital spending, and higher-than-anticipated inventories.