Sprint BLEEDS Millions in Class-Action Suit and 3 Stocks Sizzling With Traders
Bank of America Corp (NYSE:BAC) Merrill Lynch is one of several firms leading the attempt at securing debt facilities ($14.5 billion) by Abbott Labs (NYSE:ABT), so as to refinance existing debt and to ease its separation into two listed companies, according to Reuters. This arrangement would comprise the largest loan package so far in 2012: other firms involved are Barclays (NYSE:BCS), JP Morgan (NYSE:JPM) and Morgan Stanley (NYSE:MS).
The Procter & Gamble Company (NYSE:PG) is reducing its fiscal fourth quarter guidance, pointing to disappointing growth in developed markets, plus fluctuations in the foreign exchange markets. Further, the company projects as adjusted earnings per share of between 75 and 70 cents, below previous guidance of 70 to 85 cents. Also, net sales are expected to slide from 1 percent to 2 percent, versus a prior estimate of plus one to two percent. Fiscal year 2013 is expected to see a percentage increase in margins from flat, to mid-single-digits.
Cisco Systems, Inc. (NASDAQ:CSCO) gets upgraded by BMO Capital based on valuation, solid growth in its free cash flow, as well as improved execution in core markets. At the same time, its price target was raised from $20 to $21.
Sprint Nextel Corporation (NYSE:S) will have to shell out $19 million to resolve a class-action suit brought by customers who allege that they were improperly charged for sending picture messages while subscribed to the company’s “Everything Messaging” plan. Consumers are currently deciding to utilize the free photo-sharing options from Facebook (NASDAQ:FB), Instagram, and others, which is causing some decrease in multimedia messaging revenues, even though they are still quite adequate and substantial.
Nokia Corporation (NYSE:NOK) has received word in the form of a statement by Finnish PM Jykri Katainen, that the Finnish government will not buy Nokia shares to help prop up the company, which puts an end to speculation that it might. The firm at one time comprised approximately 4 percent of Finland’s gross domestic product, but currently counts for less than one percent following major layoffs. However, Nokia contends that these troubles will not prevent it from shoring up its declining market share in China, where it is still investing heavily.
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