Afternoon Buzzers: Bank of America Cuts 16,000 Jobs, Facebook Slips

Bank of America (NYSE:BAC) shares are down over 1 percent this afternoon. The bank is speeding up a cost-cutting plan, which includes cutting 16,000 jobs by the end of the year. The proposed year-end total of the bank’s workforce is 260,000, which would be the lowest figure since 2008.

Shares of Bed Bath & Beyond (NASDAQ:BBBY) fell more than 8 percent today. The company said net earnings in the second quarter declined to $224.3 million (98 cents per share), compared to $229.4 million (93 cents per share) a year earlier. The decrease in profit breaks a four quarter streak of net income gains for the company.

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Nike (NYSE:NKE) shares are down nearly 1 percent today. The shoe and sportswear giant announced that its board approved a new $8 billion share buyback program that will take place over the next four years. The program will follow Nike’s current $5 billion repurchase plan, which concludes at the end of the second quarter next year. Over the past 10 years, the company has bought back $10 billion of its shares.

Shares of Facebook (NASDAQ:FB) are down 1.8 percent after posting a 6.5 percent gain yesterday. The social media company is set to receive more exposure. The new iOS 6 update from Apple (NASDAQ:AAPL) was released yesterday and it integrates Facebook in the operating system more than ever, especially with photo sharing. Facebook is also found in the new OS X Mountain Lion 10.8.2 update, which was also released on Wednesday.

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