Orlando, FL -- (SBWIRE) -- 08/19/2013 -- 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 Facebook Inc (NASDAQ:FB), Bank of America Corp (NYSE:BAC).
UBS’s Eric Sheridan has reaffirmed his Buy rating on shares of Facebook Inc(NASDAQ:FB) and raised his price target to $45 from $36 saying that the upsurge in Facebook ads will continue into this quarter.
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“This has been driven by advertiser adoption of new product launches in both the recent past (FBX in Newsfeed & mobile app installs) and in the coming future (video ad products for fall 2013),” writes Sheridan.
He thinks that Facebook is “under-monetized” compared to Google, and believes that the expected roll-out of video advertisements is a big plus.
Meanwhile, more than four years after being acquired by Bank of America Corp(NYSE:BAC), Merrill Lynch & Co.’s existence as a legal entity may soon come to an end.
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Although Bank of America will retain the Merrill Lynch brand for its retail brokerage and investment bank, the company is likely to dissolve the subsidiary as early as the fourth quarter. Bank of America will assume Merrill Lynch’s obligations and debt.
Merging the legal entity could help Chief Executive Officer Brian T. Moynihan achieve his $8 billion-a-year cost-cutting target, while also complying with regulations. Merrill Lynch will also not need to file separate regulatory disclosures. Jerry Dubrowski, a Bank of America spokesman has said that this will not impact client service or the Merrill Lynch brand.
The move will however not affect Merrill Lynch bonds as spreads have already.
Merrill Lynch had about 14,000 financial advisers on June 30, excluding those working at bank branches. Bank of America’s entire staff strength was 257,158 as of that date.
The firm’s broker-dealer unit, Merrill Lynch, Pierce, Fenner & Smith Inc., will continue to exist as a subsidiary.
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