Nike Terminates Relationship With Lance Armstrong and 3 Hot Stocks Turning Heads
“Due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade, it is with great sadness that we have terminated our contract with him,” Nike (NYSE:NKE) said in a statement, referring to the cycling star who has been under a cloud recently for alleged doping.
BlackRock (NYSE:BLK) reports third-quarter EPS of $3.47 and revenues of $2.32 billion which beat expectations by $0.17 and $60 million respectively.
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Bank of New York Mellon’s (NYSE:BK) third quarter EPS of $0.61 is better than expectations by $0.07, though net interest margins fall to 1.2% from 1.25%. The bank has a Tier I capital ratio of 9.3% and return on equity of 22%. Assets under management are $1.4 trillion and up 13% year on year. Custodial assets are reported at $27.9 trillion, up 8% year-on-year.
Bank of America (NYSE:BAC) reports third-quarter EPS of $0.00 which is better than analysts’ expectations of a loss of seven cents per share. Net income falls sharply to just $340 million and was impacted by accounting adjustments of $1.9 billion and litigation expenses of $1.6 billion. Revenues were down 28% year-on-year to $20.4 billion and missed forecasts by $1.5 billion. Tier 1 capital ratio was 11.41%. Mortgage origination rose 13% sequentially, while wealth and investment management flows were up a solid 39% from the previous quarter.
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