Bank of America Corp (NYSE:BAC): Because of a new law, some lawyers think that banks may publish research on IPOs the day of an IPO, or even before the completion of the deal, and not hold to 40 days after the deal, according to the Wall Street Journal.
Don’t Miss: Another Major Investor SELLS Facebook.
Facebook Inc (NASDAQ:FB) users continue to migrate from laptops to smart phones, causing Facebook to have a hard time putting advertisements in front of mobile eyeballs. The app that began as a way for college kids to meet and mix has been reduced to the need to “monetize” smartphone users. The language of investorspeak informs us that the spark of love and possibly even Facebook itself is dead.
Citigroup Inc. (NYSE:C) has become the first Western bank to issue credit cards in China without co-branding from a local financial institution as the government loosens restrictions in the world’s second-largest economy. The cards are to be denominated in yuan or dollars and accepted globally, according to the third-largest U.S. lender by assets as read in an e-mailed statement. China UnionPay, which is the largest electronic-payment network in the nation, is to process payments within China, while MasterCard Inc. (NYSE:MA) and Visa Inc. are to handle cards internationally, the bank stated.
Sprint Nextel Corporation (NYSE:S) was trading at $2.27 on May 21 and three months later, after seeing a 119 percent increase, is trading at $5.21 today. Investors, new buyers, and aggregators, have begun to come back into the stock in such a big way.
Best Buy Co., Inc. (NYSE:BBY) falls after reporting weaker profits and revenues than expected for Q2 of its 2013 fiscal year and after suspending its earnings guidance. Also, the retailer reported that revenue at its stores that have been opened for at least 14 months dropped 3.2 percent versus the same period the previous year. Best Buy claimed that it was suspending its guidance because of many factors, including “the uncertainty associated with several key product launches” expected during the next two quarters long with the fact that the retailer’s new CEO, Hubert Joly, should join the company in early September. Furthermore, the retailer stated that it continues to expect to achieve its domestic market share goals for fiscal 2013 and continues to anticipate the generation of a free cash flow in the range of $1.25 billion to $1.5 billion for the year. On the other hand, Best Buy believes that electronic retailers’ revenue from computing, digital cameras, and gaming will be lower than predicted and that the key international businesses of the company will not show major improvement for the last two quarters of fiscal 2013. In early trading, Best Buy sank 95c, or 5.29 percent, to $17.20. Other electronics retailers also fell, including hhgregg (NYSE:HGG) who dropped 4.99 percent to $6.67 and RadioShack (NYSE:RSH) who fell 2.42 percent to $2.82.
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