High Volume Stock Movers: Bank of America, Sprint, Cisco, Annaly, Sirius Feb. 8th

Bank of America Corp (NYSE:BAC): The U.S.’s Home Affordable Refinance Program has increased mortgage refinance applications and strained capacity at Bank of America, leading the bank to ask some customers to wait 60 to 90 days, reported Bloomberg, citing people with knowledge of the policy.

Sprint Nextel Corporation (NYSE:S): Wireless startup LightSquared asked the FCC to set tough standards for the design of GPS devices, according to The Hill. The company is developing a wireless broadband service and tests showed that the service could interfere with GPS devices, but LightSquared counters that the GPS devices are receiving signals from outside their designated frequency bands, the publication reported. The company said based on internal estimates, including incremental costs associated with iPhone sales, the combined impact of iPhone and Network Vision costs reduced Q4 Adjusted OIBDA margin, which was 10.8%, by approximately 8.8 percentage points. theflyonthewall.com

Cisco Systems, Inc. (NASDAQ:CSCO): A number of vendors are considering developing tablets starting at $299 to sell in markets like China, Indonesia, Brazil and India, according to supply chain makers in Taiwan and reported in Digitimes.

Annaly Capital Management, Inc. (NYSE:NLY): FBR Capital downgraded Annaly Capital citing disappointing Q4 results and the negative impact from the flatter yield curve. Price target lowered to $16 from $17.50.

Sirius XM Radio Inc. (NASDAQ:SIRI): Yesterday, Barclays initiated Sirius XM with an underweight based on premium valuation. Target $2.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com