Startup Stocks Picked for Today's Trade (BAC, PPHM, CSCO, ALU)

Los Angelas, CA -- (SBWIRE) -- 01/08/2013 -- Bank of America (NYSE:BAC) has settled its dispute with Fannie Mae regarding residential mortgage loans sold to the latter around the time leading up to the 2008 financial crisis. Bank of America will buy back some of those loans for $6.75 billion and also make a payment of $3.6 billion payment. It also sold the servicing rights on 2 million residential mortgage loans with an aggregate unpaid principal balance of $306 billion. “Together, these agreements are a significant step in resolving our remaining legacy mortgage issues, further streamlining and simplifying the company and reducing expenses over time,” said Bank of America CEO Brian Moynihan.

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Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM), a biopharmaceutical company developing first-in-class monoclonal antibodies focused on the treatment and diagnosis of cancer, today provided an update from its internal review of discrepancies from its Phase II randomized, double-blind placebo-controlled trial of bavituximab in second-line non-small cell lung cancer (NSCLC) in 121 patients. The review was prompted by the discovery of vial coding discrepancies while preparing for an end of Phase II meeting with the FDA. The internal review included a thorough operational review of multiple third-party vendor operations at sites worldwide, testing of investigational product used in the trial, additional patient sample testing to determine drug levels and a review of immunogenicity testing results from the trial.

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Cisco (NASDAQ:CSCO) recently announced that the company plans to double its revenue from software, which is currently at $6 billion. CEO John Chambers said the growth will be mostly organic but will include some acquisitions. Cisco’s original business of routers and switches currently generates almost half of its total revenue. Cisco has already entered in the areas of cloud computing, data centers, and applications. The company is aiming for eventually transforming itself into an all-round IT player in the "Internet of Things."

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Shares Alcatel Lucent SA (ADR) (NYSE:ALU) surged by 18 cents or 12.33% to $1.64 in Friday’s session after UBS, the financial services company upgraded its rating on the company’s stock from underperform to neutral based on the company securing a refinancing deal with Goldman Sachs and Credit Suisse worth $2.1 billion, which is to be utilized for paying down its soon-to-mature debts, and to help pay for its restructuring plans.

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