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Bank of America Corporation (NYSE:BAC) reports that it has not completed a “significant number” of loan refinances, as part of the $25 billion settlement of foreclosure abuses, and is also slammed with complaints about customer service in its mortgage division. The company blamed the “time required to underwrite” loans as reason for its not having completed many of its scheduled $1 billion in modifications, from a filing earlier in August. In comparison, JPMorgan Chase & Co. announced last week that it has finished a “significant portion” of its $500 million program and Wells Fargo & Co. anticipates the completion of its $900 million requirement two years prior to the 2015 deadline.
Cisco Systems, Inc.’s (NASDAQ:CSCO) huge dividend rise increases the dividend yield from 1.8 percent to 3 percent, which is two-thirds more than the 10-year Treasury note. In addition, it out-yields Microsoft Corporation’s (NASDAQ:MSFT) 2.6 percent, Hewlett-Packard Company’s (NYSE:HPQ) 2.7 percent and International Business Machines Corporation’ (NYSE:IBM) 1.7 percent, while putting Cisco’ yield closer to Intel Corporation’s (NASDAQ:INTC) 3.4 percent, according to Barron’s. Investors in Cisco are having wait out the current spending slump and also the large restructuring endeavors that Cisco started in 2011.
Chevron Corp. (NYSE:CVX) has appealed an injunction that disallows it and its drilling contractor Transocean Ltd. (NYSE:RIG) from operating in Brazil pending civil and criminal charges over an oil spill last November, according to Reuters
Hewlett-Packard Company (NYSE:HPQ): The Chongqing City government will cease its exiting subsidies offered for the production of notebooks that offset higher production costs in eastern China in 2014, says a government official to DigiTimes. Toshiba Corp. (TOSBF.PK), Hewlett-Packard, Fujitsu Ltd Adr (FJTSY.PK), Acer and Asustek Computer are all stationed in Chongqing.
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