Mayo Bears Down on BofA, Ford Unleashes Redesigned Ka, and 3 More Hot Stocks
Bank of America Corp. (NYSE:BAC): Despite the company’s recent strength, Mike Mayo is still holding on to his bearish stance on Bank of America.”Don’t confuse brains with a bull market,” he says, not totally sold on the bank’s CEO, Brian Moynihan, either. Mayo says that although the shares have done well, so has the market, particularly banks; Bank of America has trailed the KBW Bank Index by 5,800 basis points since Moynihan took over in 2010, Mayo notes.
Ford Motor Co. (NYSE:F): Ford will be displaying the new Ka in Brazil during an industry event, and although the car itself is small, it’s meant to have a large global impact for the company. “It is one of the most important product programs we’re working on, and I know the things we’re working on for North America,” said Ford of the Americas President Joe Hinrichs. The Ka is slated to be an affordable family car aimed at millions of buyers in China, India, South America, and other emerging markets.
Taiwan Semiconductor Manufacturing Co. (NYSE:TSM): Mark Liu and C.C. Wei — until now, Taiwan Semiconductor’s chief operating officers — will both replace Morris Chang as CEO, sharing the role. Chang, who is 82 years old, initially said he would step down as CEO in July of next year; he will remain on as chairman.
Exxon Mobil Corp. (NYSE:XOM): Exxon Mobil has been given a a 90-day extension by federal regulators to submit a plan to fix its Pegasus oil pipeline, which burst in Arkansas in March and flooded the small town of Mayflower in crude oil. This guarantees that the 70-year-old pipeline will be shut down until at least January; some nine safety violations were uncovered under the Pegasus probe.
Amazon.com Inc. (NASDAQ:AMZN): During the annual re:Invent conference, Amazon Web Services unveiled WorkSpaces, a PC virtualization product that offers businesses the option to host virtual desktops on Amazon’s cloud infrastructure. Amazon claims that WorkSpaces will be easier to manage than the more traditional PC virtualization offerings, as it also carries far lower upfront costs; it’ll run $35-$60 per month per user, initially.