US Treasury Further Reduces Its General Motors Ownership and 2 Other Hot Stocks to Watch
General Motors Co. (NYSE:GM): Current price $36.92
Online documents indicate that the United States Treasury has sold another block of shares in General Motors, shrinking its ownership to 7.3 percent as it nears exiting its holdings in the iconic automaker by the end of March. So far, the Treasury sold over 110 million shares between May 6 and September 13, raising in excess of $3.82 billion, reported documents posted online Tuesday. It has also confirmed that its position in the company now stands at 101 million shares. The government originally took a 60.8-percent stake in GM as part of its $49.5-billion bailout in 2009 and said that it has gotten back around $35.4 billion of its investment.
Bank of America Corp. (NYSE:BAC): Current price $14.54
Deutsche Bank has recruited three advisers from Bank of America Corp. for affluent individuals and families in the United States. Michael Dawson, Stephan Farber, and Stephen Cordill will join Deutsche’s Houston office after managing over $1 billion for clients of Bank of America’s Merrill Lynch business, according to an e-mailed statement on Wednesday. Prior to joining Bank of America, Dawson served more than 30 years at Goldman Sachs Group Inc. while Farber had been employed at UBS AG. Deutsche Bank is aiming at adding wealthy clients so as to compete with bigger rivals like UBS and Credit Suisse Group AG.
Tower Group International Ltd. (NASDAQ:TWGP): Current price $10.12
Shares are down more than 27 percent Wednesday in heavy volume as Tower Group was downgraded from Outperform to Market Perform at FBR Capital. The firm cited uncertainty and the potential for a higher reserve charge after Tower postponed its second-quarter results. At the same time, FBR brought its price target for shares down from $22 to $17.