Chesapeake, BofA, Intel, Genworth, Illumina Attact High Share Volume Wednesday
Chesapeake Energy Corporation (NYSE:CHK): Chesapeake Energy CEO Aubrey McClendon took out as much as $1.1B in unreported loans over the last three years, a move that analysts and attorneys say raises the possibility of conflicts of interest, Reuters reports. Both McClendon and Chesapeake say the loans, used to fund McClendon’s operating costs for a perk that offers him a chance to invest in a 2.5% interest in every well the company drills, don’t pose any conflict of interest.
Bank of America Corp (NYSE:BAC): Bank of America may acknowledge about $2B of junior loans are bad assets tomorrow in its Q1 results even as some borrowers are still timely paying, says Bloomberg.
Intel Corporation (NASDAQ:INTC): After Intel reported stronger than expected Q1 results but the stock declined in pre-market trading, JMP Securities expects the company’s margins to be boosted by server and mobile computing technology conversions in 2H12. The firm reiterates an Outperform rating on the stock.
Genworth Financial Inc (NYSE:GNW): Financial services company Genworth is dropping sharply after the company announced last night that it would delay the IPO of its Australian mortgage insurance business until early 2013. The company had previously expected the IPO to be completed in the second quarter of 2012. Genworth said it was primarily delaying the IPO because of an increase in its losses in Australia. The company added that it expects its Australian mortgage insurance business to generate a modest Q1 loss due to an acceleration in foreclosures and insurance claims.
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