Facebook and 4 Heavy Weight Stocks Buzzing on Wall Street

Bank of America (NYSE:BAC): The Federal Insurance Corp. (FDIC) has filed three lawsuits against several banks for mortgage debt losses reported Reuters. The suits include the Bank of America (NYSE:BAC), Citigroup (NYSE:C), Deutsche Bank AG (NYSE:DB) and JPMorgan Chase (NYSE:JPM). The agency is seeking a total of $92 million from losses on soured mortgage debt purchased by two small Illinois banks, Citizens National Bank and Strategic Capital Bank; they failed in 2009.

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Apple Inc. (NASDAQ:AAPL): According to 9to5 Mac, Apple (NASDAQ:AAPL) has two iPhone prototypes in testing that includes a 3.95″ display with an 1136×640 resolution (note–the 4S’ has a 960×640 resolution), which indicates a wider aspect ratio. The company is also supposedly testing versions of iOS 6 that are custom built for the larger display. If the rumor is true, some developers might not be thrilled about the dimension changes.

Facebook, Inc. (NASDAQ:FB): A new day and a new drop. Facebook’s stock fell in early trading AGAIN. On a positive note, the company’s multiples are still high. But if Facebook’s stock doesn’t soon reverse course, class-action suits over last week’s increased offering price may be just a matter of time.

AT&T, Inc. (NYSE:T) has set pricing on its sterling-denominated, benchmark-size, 32-year bond. This will come in around 175 basis points of the corresponding gilt said one of the managing banks on Tuesday.

Nokia Corporation (NYSE:NOK) faces risks with it products, according to Kari Kulojarvi, Nokia’s senior vice president for smart devices supply chain. For premium products, the priority is on fast delivery, customization, responsiveness to market changes, and innovation that customers will desire, reported CNet, but for other products, the priority is on high volume, low cost, and reliable delivery. “The challenge for us is to tackle both — how to be responsive, how to optimize costs,” said Kulojarvi in a Tuesday speech. But it’s necessary. He added, “In all my years at Nokia, the competition hasn’t been as fierce as it has been today.”

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