Financial Biz Review: Nasdaq is the Facebook SCAPEGOAT, BofA’s DIVIDEND
A scapegoat has been chosen in the matter of Facebook’s (NASDAQ:FB) IPO fiasco: Nasdaq (NASDAQ:NDAQ) will be at least partly blamed for the stock’s performance, as FB files a motion – on Friday – that combines all the shareholder lawsuits against itself, according to the New York Times. Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), and Morgan Stanley (NYSE:MS), who were the lead underwriters for the event, will probably join in.
Don’t Miss: Were Feds Suspicious of Facebook BEFORE the IPO?
The Bank of England and the Exchequer moved overnight for an economic stimulus, under which United Kingdom banks will have access to ‘cheap’ funds that are meant to be loaned to businesses. Shares of the Royal Bank of Scotland (NYSE:RBS), Lloyds (NYSE:LYG), Barclays (BCBAY.PK), and to a lesser extent HSBC (NYSE:HBC), all react enthusiastically, although the FTSE rose a modest 0.5 percent.
Bank of America (NYSE:BAC) will pay a quarterly dividend of $18.125 per share on its 7.25 percent Series L Preferred Stock, which will be payable on July 30 to shareholders of record as of July 1st. The Stock comprises approximately 2 percent of the PowerShares Financial Preferred Portfolio (NYSE:PGF), which is up 10.4 percent year-to-date before dividends.
Sun Life Financial’s (NYSE:SLF) money management unit, MFS, garnered $2.5 billion in stock and bond mutual fund assets in May, which bested virtually all of its huge competitors, after posting years of outflows. However, improvement in its performance seems now to be turning the unit around.
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