Nokia BENEFITS From Trouble of Rivals and 4 Heavily Traded Shares to Track

Bank of America Corp (NYSE:BAC): Banks that are being investigated for interest-rate manipulation will have to deal with possible tens of billions of dollars in claims from dozens of lawsuits in the U.S. from cities, insurers, investors and lenders who claim they were harmed by the allegedly fudged rates, states the Wall Street Journal.

Don’t Miss: Financial Cartoon of the Week: Company Valuations.

Nokia Corporation (NYSE:NOK) shares in mobile phone firm Nokia jumped 10 percent on Monday dye to hopes that it will have the ability to benefit from a setback to its rival Samsung , which lost a high-profile court case to Apple possibly leading to an injunction against some of its products. A U.S. jury decided that South Korea’s Samsung Electronics copied critical features of Apple’s popular iPhone and iPad and awarded the U.S. company $1.05 billion in damages.

Hudson City Bancorp, Inc. (NASDAQ:HCBK) along with M&T Bank Corporation (NYSE:MTB) announced that they have entered into a definitive agreement beneath which Hudson City is to merge into a subsidiary of M&T. Beneath the terms of the agreement, each Hudson City share is to receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash, based upon the election of each Hudson City shareholder, subject to proration as specified in the merger agreement, which provides for an aggregate split of total consideration of 60 percent common stock of M&T and 40 percent cash. Based on the closing price of M&T stock on August 24, the transaction is valued at about $3.7 billion. The transaction should be immediately accretive to the combined company’s capital ratios, capital generation, and tangible book value per share, as well as its GAAP and operating earnings per share. M&T is to acquire Hudson City’s network of 135 branch offices, which are currently located in New Jersey, downstate New York, and Fairfield County, Connecticut. M&T’s existing branch network is adjacent to Hudson City’s franchise, with not much overlap. The combined network of 870 branches is to extend from Connecticut to Virginia. M&T predicts that it will gain approximately $25 billion in deposits and $28 billion in loans from the merger prior to the acquisition accounting adjustments, which gives M&T the fourth largest deposit share in New Jersey. The merger was approved by the boards of directors of each company, and is subject to particular conditions, including regulatory approvals and approval by M&T’s and Hudson City’s common shareholders. After the transaction has been finished, Mr. Hermance will be appointed to the boards of directors of M&T and its principal banking subsidiary, M&T Bank.

Hewlett-Packard Co. (NYSE:HPQ) was once known as a place where innovative thinkers gathered to work on wonderful ideas that opened new frontiers in technology. Currently, this seems to be only HP’s past. After a five-year stretch of miscalculations, HP is in such desperate need of a reboot that a number of investors have written off its chances of a comeback.

Hertz Global Holdings, Inc. (NYSE:HTZ) along with Dollar Thrifty Automotive Group (NYSE:DTG) announced that they have entered into a definitive merger agreement under which Hertz is to acquire Dollar Thrifty for $87.50 per share in cash in a transaction valued at a corporate enterprise value of nearly $2.3 billion. The boards of directors of both companies have approved the transaction unanimously. Also, Hertz announced that it has reached an agreement for the sell of the Advantage business to Franchise Services of North America, or FSNA, and Macquarie Capital. The closing of that divestiture will be conditioned upon, among other things, Hertz’s completion of an acquisition of Dollar Thrifty. The combined company also would have enhanced leadership positions in important markets globally, with combined June 30, 2012 LTM sales totaling $10.2 billion and EBITDA of nearly $1.8 billion over about 10,000 locations globally. The company predicts a minimum of $160 million of annual cost synergies from the transaction, with additional opportunities for sales growth. The transaction was structured as a two-step acquisition including a cash tender offer for all outstanding shares of Dollar Thrifty common stock followed by a cash merger in which Hertz would acquire any remaining outstanding shares of Dollar Thrifty common stock.

Investing Insights: Dow Jones Weekly Recap: HP Takes a Plunge, Qantas Cancels Boeing Orders.

Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.

More from The Cheat Sheet