Bank of America Corp (NYSE:BAC) shares up by 2.60%, Sprint Nextel Corporation (NYSE:S)

Posted by Steve Raasch May 31, 2013 0 Comment 2223 views


Bank of America Corp (NYSE:BAC): Thursday’s trading session saw Bank of America Corp (NYSE:BAC) rising by 2.60%. The opening price of $13.50 climbed to an intraday high of $13.93 before settling down to close at $13.83 per share. More than 0.095 million shares exchanged hands in the last trading session. This number stood below the average volume of 0.134 million that was measured over 30 days.

For the first-quarter of 2013, BAC reported a $2.6 billion net income or $0.20 per diluted share, in comparison to the $653 million, or $0.03 a diluted share that it stood at, a year ago. Bank of America Corp (NYSE:BAC) shares are up around 16% in 2013. However, there’s hardly any doubt that there has been a significant improvement since the crisis. BAC had been very badly scathed and had been on the brink of collapse then, somewhat on the lines of Bear Stearns and Lehman Brothers.

Bank of America Corp (NYSE:BAC) is a bank holding company as well as a financial holding company. It serves small and middle businesses, individual consumers, Governments and corporations.

Sprint Nextel Corporation (NYSE:S): Thursday’s trading session saw Sprint Nextel Corporation (NYSE:S) rising by 0.82%. The opening price of $7.23 climbed to an intraday high of $7.37 before settling down to close at $7.34 per share. More than 0.01 million shares exchanged hands in the last trading session. This number stood above the average volume of 53.57 million that was measured over 30 days.

Charlie Ergen’s DISH topped Sprint’s bid for Clearwire. This move might support the separate offer it had put forth, to buy-out Sprint. DISH has offered $4.40 per share for Clearwire. This amount stands 29% higher than the bid that had been put forth by Sprint Nextel Corporation (NYSE:S). Via this deal, all the Clearwire shares would be valued at around $6.5 billion. This would include the little above 50% stake that sprint holds.

This move is definitely going to create new issues for Sprint, as it has been trying to buy –out the remainder of Clearwire since December.  The company upped its offer to $3.40 per share, last week. This was aimed at satisfying a segment of investors who had been opposing the deal.


About Steve Raasch

Steve Raasch is a breaking news reporter for GDP insider. During his nearly two decades of editorial experience, Steve has covered a variety of topics including small business, health, personal finance, advertising, workplace issues and consumer behavior. Steve is very passionate about his work. Steve earned a master of arts degree in international relations from the Johns Hopkins University School of Advanced International Studies in Washington.

View all post by Steve Raasch Visit author's website

Write Your Comment