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Bank of America Corp (NYSE:BAC): Investor requests for banks to repurchase mortgages which have soured have intensified through recent months, a trend coming to light in the newest earnings reports. Bank of America faces the worst of it, with outstanding claims which soar more than 40 percent to $22 billion during Q2. Wells Fargo (NYSE:WFC), PNC Financial Services Group (NYSE:PNC) and Fifth Third Bancorp (NASDAQ:FITB) are also affected.
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General Electric Company (NYSE:GE) states that it will split its energy business into three entities which will stand alone and cut costs beginning in this year’s Q4. The new businesses are to report to GE Chairman and CEO Jeff Immelt. The complete energy infrastructure unit has 100K employees, and revenue is anticipated to total $50 billion this year. GE’s earnings beat. GE Capital generated $2.1 billion (+31%) and returned $3 billion to the parent company. The company confirms its target to deliver double-digit earnings growth during 2012 and it increases its operating cash expectations to $17 billion to $19 billion based upon GE Capital’s dividend restart.
Microsoft Corporation (NASDAQ:MSFT) gives back the AH gains it saw yesterday after its EPS beat was driven by healthy enterprise demand. Some appear to be bothered by the fact that Windows division sales would have decreased 13 percent year over year without the help of Windows 8 upgrade bookings. Goldman does not predict much movement of shares during the near-term, while investors look forward to the Oct. 26 Windows 8 launch and the late August board meeting, where it is possible a dividend hike is announced.
Chesapeake Energy Corporation (NYSE:CHK): After the break below the 10-day moving average, he stock has fallen sharply. Support sits at a $16.32 pivot low, and resistance is at $17.14, and then $18.
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