Sprint’s Bidding War Begins and 2 Other Hot Stocks
Bank of America (NYSE:BAC): Bank of America’s offspring Merrill Lynch was fined $1.05 million by the Financial Industry Regulatory Authority, for “failure to provide customers with the best possible pricing information on certain transactions,” BusinessWeek reported. The organization stated that the firm had programmed faulty pricing logic into its order management system, which incorporates quotes found on the primary listing exchange for a certain non-convertible preferred security. Because of that, better quotes that were actually available beyond the exchange was not listed.
Sprint Nextel (NYSE:S): The gun has fired and the contestants are off in the bidding war for the nation’s third largest wireless carrier, which has been courting offers from Dish Network (NASDAQ:DISH) and Japan-based Softbank Corp., which had submitted a proposal initially. In response to Dish’s $25.5 billion offer, Softbank maintains that its bid is superior, though the $20.1 billion offer is only for a stake in the company, versus Dish’s bid to buy out the company altogether. The move by Dish may spark others into action as well, as the flurry of mergers, acquisitions and consolidations continues in the American telecom industry.
Microsoft (NASDAQ:MSFT): Following a letter to shareholders from Jeff Bezos of Amazon (NASDAQ:AMZN) in which he bragged that Amazon had slashed server prices 27 times in the last seven years, Microsoft responded by introducing a new cloud service aimed directly at Amazon’s booming cloud business. To ensure that the service is competitive, Microsoft has matched the prices that Amazon is offering on its own. However, Microsoft is in for a challenge for the number two server spot, with numerous other cloud services contending for a piece of the pie.
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