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Bank of America Corp (NYSE:BAC) stated that it will place its U.S. banking processes into FDIC receivership, loosen the Merrill Lynch division by placing it beneath a government-nominated trustee as well as put non-bank and non-broker holding firms into Chapter 11 bankruptcy. To allow some existing processes to be protracted again as a separate institute, a bridge bank will be formed.
JPMorgan Chase & Co. (NYSE:JPM) fell over 4% and is being sued by the FERC regarding emails which pertained to the energy regulator’s probe into possible manipulations of California and Midwest markets. A federal judge ordered the Bank of Dimon to provide and explanation of why certain emails were hidden from authorities, Jake Beckman reports.
Nokia Corporation (NYSE:NOK): Athough Windows Phone (NASDAQ:MSFT) has gotten a small Chinese following, local phone venders are apparently reluctant to offer domestic models. Since Android phones sell for CNY1,000 ($157) or less, local vendors view the high Windows Phone hardware costs as a deterrent. These concerns drive home Nokia’s challenges when competing with low-end Android hardware within developing nations, while Symbian and feature phone sales plummet.
PowerShares QQQ Trust, Series 1 (NASDAQ:QQQ): In June, ETFs and ETNs brought in another $12.84B AUM, making the total H1 inflows $75.91B, a 31% increase year over year. Fixed income led the way earning $4.82B, with equity funds in a close second at $4.6B. The QQQ was most popular with a $1.4B gain, and investment-grade bonds (NYSE:LQD) and emerging market equities (NYSE:VWO) followed in 2nd and 3rd place.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) has announced Craig M. Audet’s promotion to Senior VP, Operations and Head of Global Regulatory Affairs. This new role means Audet will serve as and executive officer for the company. He has over 25 years experience in the industry. Before joining Arena, he served as VP and Head of the US Regulatory Affairs Marketed Products Group for Sanofi-Aventis from 2003 to 2008.
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