GlaxoSmithKline, BofA, Toyota, SuperValu Stocks Attracting Trading Attention Feb 7th
GlaxoSmithKline (NYSE:GSK): During the year the company completed GBP2.2B of share repurchases as part of its long-term program. Based on current market conditions, the company is currently targeting repurchases of GBP1-2B shares in 2012. The company said, “We expect further delivery from our R&D organisation in 2012. I am pleased to confirm that of the 15 late-stage drugs and vaccines we highlighted last year, we have received some or all of the data on nine of them. Most importantly, one has already filed and we have three more ready to file. In addition, our quadrivalent flu vaccine, which was not included in the 15, has progressed very quickly and will also file very shortly. We expect Phase III development programmes to complete for a further six assets and indications this year. All this comes with increasing signs that we can replenish our pipeline on an ongoing basis.”
Bank of America Corporation (NYSE:BAC): Though officials had hoped to announce a final settlement as early as this week, a Reuters reports that a multi-state mortgage settlement is likely to be pushed back again as U.S. states continue to press specific concerns. As of Monday, many states had not yet reached a settlement, under which top U.S. banks could pay up to $25B to resolve civil government lawsuits about misconduct in servicing home loans and pursuing faulty foreclosures. Shares of Bank of America Corporation are trading 0.88% lower today.
Toyota (NYSE:T): The National Automobile Dealers Association projects previously owned vehicles prices will rise 1.8% in 2012, with much of the increase coming in the second half, reported The Wall Street Journal.
SuperValu (NYSE:SVU): SuperValu announced plans to reduce its national workforce by an estimated 800 positions. A majority of these reductions will take place by the close of the company’s fiscal year on February 25. The reductions include both current positions and open jobs that will not be filled. The announcement affects all company offices and crosses most departments within the organization. In general, store level associates are not affected by this announcement.
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