Orlando, FL -- (SBWIRE) -- 09/05/2013 -- 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 Bank of America Corp(NYSE:BAC), Facebook Inc(NASDAQ:FB).
Bank of America Corp(NYSE:BAC) shares increased 0.56% to $14.32. 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.
Are investors worried about the recent updates with BAC? Find out with a free trend analysis HERE
Facebook Inc(NASDAQ:FB) shares decreased 0.21% to $41.78. The company on August 29 said it is considering incorporating most of its 1 billion-plus members' profile photos into its growing facial recognition database, expanding the scope of the social network's controversial technology.
The possible move is intended to improve the performance of its "Tag Suggest" feature. The feature uses facial recognition technology to speed up the process of labeling or "tagging" friends and acquaintances who appear in photos posted on the network.
Additionally, the company on August 13 plans to buy the maker of a speech recognition and language translation app, providing technology that could bolster the social networking company's mobile efforts. Facebook did not disclose the financial terms of its deal for Pittsburgh-based Mobile Technologies.
Moreover, the company on July 24 reported second quarter adjusted EPS of $0.19, up from $0.12 in the previous year. The consensus estimate was for EPS of $0.14. Revenues rose 53% to $1.81 billion from $1.18 billion in the same quarter last year. The consensus estimate was for revenues of $1.62 billion.
Is FB going to continue its rally or drop like a rock? Find out with a free trend analysis HERE
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