Heavy Hitters: Bank of America Cuts 2,100 Jobs, Apple Prepares for New iPhone

Shares of Five Below (NASDAQ:FIVE) surged more than 12 percent in late afternoon hours. The company announced that net sales for the second quarter increased 35 percent year-over-year to $117.1 million. Operating income was $7.2 million, compared to $4.7 million a year earlier. Thomas Vellios, co-founder, president, and chief executive officer, stated, “We are extremely pleased with our top and bottom line performance in the second quarter which once again illustrates the strong fundamentals of our business.”

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Bank of America (NYSE:BAC) shares increased nearly 1 percent on Monday and continued to attract attention in late afternoon trading. According to Bloomberg and sources familiar with the matter, the bank plans to cut almost 2,100 jobs and shutdown 16 mortgage offices due to weak loan demand. Wells Fargo (NYSE:WFC) — the nation’s largest mortgage lender — said last month it was cutting 2,300 jobs in its mortgage-production unit.

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Verizon Communications (NYSE:VZ) shares dropped nearly 1 percent on Monday and continued to edge lower in late afternoon hours. The company is facing a lawsuit from a shareholder, Natalie Gordon, over the buyout of Vodafone’s (NASDAQ:VOD) stake in the company. Gordon claims that shareholders of the company are being “shortchanged” by the deal, reports Reuters.

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Shares of Apple (NASDAQ:AAPL) jumped 1.6 percent on Monday as the tech giant prepares to host its special event on Tuesday. It is widely expected that Apple will unveil at least one new iPhone, and iFans appear to be ready. According to a recent survey conducted by Ask.com, 46 percent of current iPhone owners said they will upgrade to a new version as soon as it is available. Besides being a positive indication of consumer excitement about the new iPhone models, this statistic also suggests that Apple may remain mostly unaffected by the widely predicted high-end smartphone market slowdown.

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