Clearwire CFO Cancels Appearance and 4 Heavily Traded Shares Rounding Out the Week
Bank of America Corp (NYSE:BAC): Bank of America Corp., the second largest United States lender, named Aukse Jurkute and Roman Zilber as Co-Heads of Corporate and Investment Banking for Russia and the Commonwealth of Independent States.
Sprint Nextel Corporation (NYSE:S): Topping technology headlines, Sprint Nextel Corporation has confirmed that they are holding acquisition talks with Japan’s third largest mobile carrier, Softbank. Sprint “is currently engaged in discussions with Softbank regarding a potential substantial investment by Softbank in Sprint,” a spokesman said in a statement to PCMag. “Although there can be no assurances that these discussions will result in any transaction or on what terms it may occur, such a transaction could involve a change of control of Sprint.”
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Clearwire Corporation (NASDAQ:CLWR): Amid reports that the company is playing a key role in a larger deal involving their major stakeholder and network partner Sprint Nextel Corp., Clearwire Corporation canceled an appearance by their Chief Financial Officer Hope Cochran at the Deutsche Bank conference Thursday. Clearwire gave no official reason for the cancellation. Shares of the wireless network provider have surged 53% due to indications that part of Softbank Corp.’s reported interest in buying part or all of Sprint centers on Clearwire.
Advanced Micro Devices, Inc. (NYSE:AMD): Yesterday, Advanced Micro Devices, Inc. announced that the weak PC market in the third quarter and tough economic conditions in Europe and the United States have had a predictable impact on the company’s finances. Sunnyvale now expects gross revenue to decrease by 10%. Gross margin is expected to fall to 31% rather than the previous 44% “due to lower anticipated future demand for certain products.” Those “certain products” are the Llano CPUs that Rory Read tried to claim were piled up in in the second quarter due to a mismatch in inventory.
Wells Fargo & Company (NYSE:WFC): Wells Fargo & Company, the nation’s biggest mortgage lender, posted record earnings in the third quarter. The bank increased mortgage lending and pocketed more fees. They expanded their loan portfolio by making new loans to consumers and collected more interest on loans than they did a year earlier. Revenue was lower than analysts expected, however, and Wells Fargo stock traded at 2.64% lower.
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