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Bank of America Corp (NYSE:BAC): More than a year into a plan to shutter hundreds of branches across the country, Bank of America has eliminated more locations than any other bank, from affluent big-city neighborhoods to rural areas. Bank of America stated that the closings, part of the efficiency initiative Project New BAC, is to enable it to streamline expenses and better serve customers’ transforming banking habits. The Charlotte-based lender ramps up mobile and online offerings, enhancing existing branches and removing the duplication that resulted from decades of mergers from its network.
Sprint Nextel Corporation (NYSE:S): Research analysts at Piper Jaffray raised their target price on Sprint Nextel shares to $6.00 in a report that was released on Wednesday.
Dell Inc. (NASDAQ:DELL) shares fell on Wednesday, while investors remained concerned about the pain the company is facing as it struggles through a difficult reinvention process. Dell’s 7 percent stock drop, which is the worst on the S&P 500 index, also seemed to drag down rival Hewlett-Packard Co. , which saw shares slip over 3 percent to become the biggest loser on the Dow Jones Industrial Average.
Zynga Inc (NASDAQ:ZNGA) operations are gaining the least credit in public markets among Internet media companies, and the refusal of management to consider a sale while growth decelerates is blocking one manner in which shareholders may regain their losses, reports Bloomberg. CEO Mark Pincus controls 50.15 percent of the voting rights for Zynga shares, and has stated that he’ll never consider a sale. The stock has fallen 70 percent since its December IPO. Cash and investments represent 73 percent of its market value, which is the highest proportion among peers trading for over $1 billion, according to Bloomberg data.
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