What’s Moving These Hot Stocks: Bank of America, Nokia, Citigroup
Bank of America Corporation (NYSE:BAC): Goldman Sachs (NYSE:GS), according to an inside source, will lead the initial public offering of digital media firm Glam Media, says Business Insider. Co-leading will be Bank of America Merrill Lynch, with Allen & Company co-managing. It is further reported that Goldman competed assertively with Morgan Stanley (NYSE:MS) for the lead role.
Nokia Corporation (NYSE:NOK) files patent infringement claims in both the United States and in Germany, against products of HTC, RIM (NASDAQ:RIMM) and Viewsonic. Chief legal officer Louise Pentland commented that “Nokia is a leader in many technologies needed for great mobile products. We have already licensed our standards essential patents to more than 40 companies. Though we’d prefer to avoid litigation, Nokia had to file these actions to end the unauthorized use of our proprietary innovations and technologies, which have not been widely licensed.”. Among Nokia’s actions is a complaint to the U.S. International Trade Commission against HTC, suits against HTC and Viewsonic in the Federal District Court of Delaware, suits against HTC and RIM in the Regional Court in Dusseldorf, and against all three companies in the Regional Courts in Mannheim and in Munich. The total number of Nokia patents involved in the suits is 45.
Citigroup, Inc. (NYSE:C) names Freddie Mac (FMCC) executive Anthony Renzi as chief operating officer of its North American mortgage business, replacing Harold Lewis, according to a Wall Street Journal report.
Microsoft Corporation (NASDAQ:MSFT): Some major advertisers in Facebook (FB) are wondering if they are getting the biggest bang for their bucks, says the Wall Street Journal. The crux of FB’s $3 billion a year ad unit is persuading marketers to go with new forms of advertising that will create chatter and buzz about their brands.
GM (NYSE:GM) changes its mind on its prior bid for more than one-third of Isuzu, which would have totaled approximately $3 billion, and now is going for a smaller stake following word that the latter wishes to remain independent, says a Reuters report.
Goldman Sachs (NYSE:GS) calculates that a proposed new Fed rule that would restrict intercourse between banks, could decrease domestic economic growth by as much as 0.4 percent, and kill more than 300,000 jobs, says a Bloomberg report.
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