Orlando, FL -- (SBWIRE) -- 09/11/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Citigroup Inc. (NYSE:C), Bank of America Corp(NYSE:BAC).
Citigroup Inc. (NYSE:C) stock increased 2% to $51.09. Citigroup Inc. (C:US), on Sept. 3 said it will sell its emerging-markets private-equity unit to the Rohatyn Group to comply with new curbs on risky bank investments. Terms weren’t disclosed.
Additionally, the company is removing the last traces of its government bailout by persuading investors to buy almost three times the subordinated debt it issued seven months ago as it restores profitability after the financial crisis.
Moreover, the company on August 14 announced the commencement of offers to purchase for cash certain of its notes of the series set forth in the table below (each offer with respect to any series set forth in the table below, an "Offer" and, collectively, the "Offers").The Notes have an aggregate principal amount outstanding of approximately $11.5 billion as of August 13, 2013.
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Bank of America Corp(NYSE:BAC) shares increased 0.90% to $14.61. Bank of America Corp (BAC.N) on Sept. 3 said it raised $1.47 billion by selling its remaining stake in China Construction Bank Corp (CCB) (601939.SS), ending an eight year-old investment that generated a paper profit more than five times the original cost. The Charlotte, North Carolina-based bank sold 2 billion Hong Kong-listed shares of CCB at HK$5.70 each, a 3.9 percent discount to Tuesday's close, a term sheet of the deal seen by Reuters showed. CCB's Hong Kong traded shares fell 2.2 percent on Wednesday.
Additionally, Bank of America Corp's Merrill Lynch unit agreed to pay $160 million to settle a racial bias lawsuit that went through two appeals at the United States Supreme Court, the New York Times reported, citing the plaintiff's lawyer on August 28.
Moreover, A U.S. government lawsuit accusing Bank of America Corp of fraud in the sale of billions of dollars of toxic mortgage loans to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) is on track to go to trial next month after a judge rejected the bank's bid to dismiss the case. In an order made public on August 27, U.S. District Judge Jed Rakoff in Manhattan said there were "genuine factual disputes" that justify letting the case continue against the second-largest U.S. bank.
Is BAC going to continue its rally or drop like a rock? Find out with a free trend analysis HERE
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