IBM Plagued With Double-Digit Percentage Dip and 4 Hot Stocks Demanding Attention
Bank of America Corporation (NYSE:BAC) stated in presentation slides for its third quarter earnings call that, “In the third quarter of 2012, as a result of continued dialogue and discussions with the GSEs, we have obtained additional information from which we are now able to determine a reasonable estimate of a range of possible loss, or RPL, in excess of our recorded representations and warranties liability for the GSEs. The company currently estimates that the RPL for both GSE and non-GSE representations and warranties exposures could be up to $6 billion over accruals at September 30 compared to $5 billion over accruals at June 30 for only non-GSE representations and warranties exposures. The increase in the RPL from June 30 is the net impact of, among other changes, updated assumptions, the inclusion of GSE representations and warranties exposure and other developments.”
International Business Machines Corporation (NYSE:IBM) posted lower third quarter revenue in all of its major segments, among which include a double-digit-percentage slump in hardware sales, which is the most recent sign that firms might be cutting back on tech spending, according to the Wall Street Journal.
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Fortinet (NASDAQ:FTNT), an Internet security product manufacturer, posted lower than anticipated third quarter revenue and gave weaker than expected fourth quarter guidance earlier Wednesday. Shares plunged by 18.10 percent in early trading to $20.31.
Amazon.com (NASDAQ:AMZN) is among online retailers that qualify for Target Corporation’s (NYSE:TGT) offer to guests of the ability to match the prices of select online competitors in its stores between November 1st and December 16th. Other qualifying online companies are Walmart.com (NYSE:WMT), BestBuy.com (NYSE:BBY) and Toysrus.com. In addition, Target has extended the timeframe for its Price Match Policy for the holiday shopping season, and new in 2012, the policy will now include Target.com. Should a guest buy a qualifying item at Target stores between November 1st and December 24th, and subsequently see it for less at Target.com or in a local competitor’s printed advertisement, Target will match that price.
First Solar (NASDAQ:FSLR): The Supreme Council of Energy of Dubai has okayed construction of a 13 megawatt solar photovoltaic power facility as the first phase of the Mohammed bin Rashid Al Maktoum Solar Park, which will link it directly to the Dubai Electricity and Water Authority, or DEWA, grid. In turn, DEWA has awarded the contract to First Solar for the construction of the project’s first phase, which comprises the substation and connection to the grid. The entity received six bids in response to the tender for the establishment of the solar Photovoltaic power plant. The project should be completed by October of 2013 with the total cost of the project estimated at AED 124 million for the installation of the 13 megawatt photovoltaic power, according to DEWA.