Citigroup’s Pandit Out, Intel Reports and 3 High Demand Stocks in Action Today
Sprint Nextel Corporation (NYSE:S): According to people with direct knowledge of the situation, Sprint Nextel Corp., who agreed to sell a 70% stake to Softbank Corp. (9984) for $20.1 billion, has no immediate plans to take over Clearwire Corp. Softbank’s and Sprint’s priority is to close the deal and it will take six to eight months. The companies can not engage in extraordinary activities, such as making further acquisitions, unless Softbank agrees to it.
Bank of America Corp (NYSE:BAC): Tomorrow, Bank of America is scheduled to report their third quarter earnings and it will be closely watched. Bank of America is trying to move out from under the shadow of the financial crisis and their disastrous acquisition of Countrywide Financial. This apparently was forced upon them by the government with lawsuits stemming from the latter’s deal that had been settled a few weeks ago.
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Citigroup Inc. (NYSE:C): Vikram Pandit, Chief Executive Officer of Citigroup, relinquished his position at the firm. The resignation comes immediately after Citi announced that third-quarter earnings fell by 88%. Furthermore, the bank’s stock had been trading below book value for an extended period of time. Apparently, there were clashes between Pandit and the Citi board. Pandit been expected to stay for several more years.
Intel Corporation (NASDAQ:INTC): Intel delivered third quarter revenue of $13.5 billion and net income of $3.0 billion, or 58 cents a share. Revenue was stronger than expected, but the tech company guided a lighter outlook as shares are down over 2% after hours.
Clearwire Corporation (NASDAQ:CLWR): The Chinese government is backing the use of the 2.6 GHz band for TD-LTE, the same band Clearwire Corporation plans to use for their TD-LTE network in the United States. The announcement is a victory for Clearwire, which has been working with China Mobile to build global support for TD-LTE through the Global TD-LTE Initiative.
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