Sprint Faces $300 Million Sales Tax Lawsuit In NY and 2 Other Hot Stocks to Watch
Sprint-Nextel Corporation (NYSE:S): Current Price $7.12
New York Attorney General Eric Schneiderman has brought a $300 million suit against Sprint, which alleges that the carrier deliberately failed to pay sales taxes. On June 27th, New York Supreme Court Judge O. Peter Sherwood refused the corporation’s request to dismiss the case, ordering attorneys for both sides to appear at a hearing on July 24. In 2012, Schneiderman took over the whistle-blower lawsuit filed in New York the previous year, claiming that Sprint did not collect and pay sales taxes on flat-rate access charges for wireless calling plans, which cost state and local governments over $100 million.
Bank of America Corporation (NYSE:BAC): Current price $12.97
Bank of America Merrill Lynch has recruited Michael Woo to be the chief of its China Financial Institutions Group investment banking, as the firm follows its strategy of deepening its links with insurance firms and banks in the number-two economy on the planet. A memo seen by Reuters on Tuesday said that Woo had been a managing director working at the FIG team at Goldman Sachs in Asia.
Ford Motor Company (NYSE:F): Current price $16.16
Ford predicts that the overall United States auto industry will post its best monthly sales pace since December 2007, at a bit higher than 16 million vehicles on an annualized basis. The historic automaker said that total vehicle sales in the auto industry in June should be close to 1.43 million, including medium and heavy trucks. In the month, Ford’s domestic sales rose by 13 percent to 235,643 vehicles.