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Bank of America Corp (NYSE:BAC): The company stated in presentation slides for their third quarter earnings call, “In the third quarter of 2012, as a result of continued dialogue and discussions with the Government Supported Enterprises, we have obtained additional information from which we are now able to determine a reasonable estimate of a range of possible loss, or RPL, in excess of our recorded representations and warranties liability for the GSEs. The company currently estimates that the RPL for both GSE and non-GSE representations and warranties exposures could be up to $6 billion over accruals on September 30, as compared to $5 billion over accruals on June 30 for only non-GSE representations and warranties exposures. The increase in the RPL from June 30 is the net impact of, among other changes, updated assumptions, the inclusion of GSE representations and warranties exposure and other developments.”
Intel Corporation (NASDAQ:INTC): After they reported results that kept the Dow negative, both Intel Corporation and IBM tumbled. IBM posted third-quarter revenue that came in under expectations. They alone caused a 66-point drag on the blue chip average and lost 4.3% to $201.85. Intel gave a weak fourth-quarter revenue outlook, they dropped 2.51% to $21.79. Both were among the biggest drags on the Dow and Nasdaq.
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Sprint Nextel Corporation (NYSE:S): Sprint Nextel Corporation will begin selling the enormous 5.5-inch Samsung Galaxy Note II smartphone/tablet hybrid device on Oct. 25. The Kansas-based network, which recently agreed to sell a 70% stake to Japan’s SoftBank Corp., announced the upcoming Samsung phone will start selling for $299.99 on a two-year contract to new customers and those with upgrades.
Citigroup Inc. (NYSE:C): According to Bloomberg, in anticipation that more companies will make cross-border acquisitions and restructure, Citigroup Inc. is hiring seven bankers in Japan.
Sirius XM Radio Inc (NASDAQ:SIRI): Sirius XM Radio Inc shares have been doing quite well for last three months and analysts are anticipating that the satellite radio giant’s profit will continue to grow in the coming year. An analyst at Bank of America Corp, Jessica Reif Cohen, added Sirius XM to the top stocks in the bank list, citing Sirius XM’s exposure to a recovering market for new and used vehicles and additionally, the expectations are more than $3 billion in stock buybacks for 2013.
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