Bank of America Accelerating Job Cuts and 3 Morning Hot Stocks Turning Heads
According to the Wall Street Journal, Bank of America (NYSE:BAC) is accelerating job cuts in an effort to realise its target to achieve savings of $8 billion annually by 2015. After shutting 178 branches in 2011, the bank may close another 200 branches soon, leading to a further 16,000 jobs being cut and a staff strength of 260,000 workers by this year-end.
Jefferies Group (NYSE:JEF) announces third quarter EPS of $ 0.32 which is better than expectations by $ 0.02. Revenue also beats by $ 49 million and is up 45 percent annually at $ 739 million.
Samsung (SSNLF.PK) is reportedly planning to include the forthcoming iPhone 5 in its list of patents grievances against Apple (NASDAQ:AAPL), as it believes that the new phone will violate its patent rights just as the other iPhones allegedly did.
Nike (NYSE:NKE) announces plans for a share buyback amounting $ 8 billion that has its shares trending higher before the bell, though the move is being questioned considering the company shares are trading at elevated levels.
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