Facebook FREEING UP 271.1M Shares and 4 Heavily Traded Shares Moving the Market
Facebook Inc (NASDAQ:FB) frees up 271.1 million of its shares today, increasing the amount able to be traded by 60 percent and adding to concerns which have weighed on the stock since the IPO, according to Bloomberg.
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Cisco Systems, Inc. (NASDAQ:CSCO) joins a group of technology companies such as Apple Inc, Intel Corp, Dell Inc, and Hewlett Packard Co which have been returning more cash to shareholders through the past few quarters. The company’s shares have recovered some of its losses after they dropped 11 percent due to weak Q3 results in May, increased to $18.93 during early trading on the Nasdaq on Thursday.
Sprint Nextel Corporation (NYSE:S): Although Thursday saw a 4% loss, the stock’s 120 percent run has included it as one of the market’s best performers year-to-date.
Sirius XM Radio Inc (NASDAQ:SIRI): Lately, Liberty has been on a buying spree and will probably not stop until it reaches a 49.9 percent stake. Even then, they might choose not to stop as it pursues control of Sirius XM and assumes a position as high as 54 percent or above as a way to insulate itself from the effects of dilution from employee stock options and share payouts on the 2014 convertible bonds. For longs who sold their shares near the $2.50 level, they probably went straight into Liberty’s hands. For shorts who initiated or raised positions near $2.50 level, they probably went straight into Liberty’s hands.
Bank of America Corp (NYSE:BAC), who has been plagued by complaints regarding customer service in its mortgage unit, stated that it has not yet refinanced a “significant number” of loans as part of the industry’s $25 billion settlement of foreclosure abuses. The lender claimed that the “time required to underwrite” loans is why it has been unable to complete several of its planned $1 billion in modifications, according to a filing earlier this month. However, JPMorgan Chase & Co. (JPM) announced last week it has already completed a “significant portion” of its $500 million program, and Wells Fargo (WFC) & Co. claimed that it expected to complete its $900 million requirement two years ahead of the 2015 deadline.
Don’t Miss: Liberty TIGHTENS Its Grip on Sirius XM.
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