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Sprint Nextel Corporation (NYSE:S): After Softbank said that they will pay $20.1 billion for 70% of the United States company, Sprint Nextel Corporation rose 2.8% to $5.89, then faded and closed at $5.69. Japan’s third-biggest mobile phone operator will pay $12.1 billion to Sprint shareholders and the deal includes $8 billion of new capital. Softbank and Sprint’s boards have approved the deal and it will close by mid-2013.
Clearwire Corporation (NASDAQ:CLWR): Softbank’s $20.1 billion stake in Sprint (NYSE:S) does not require Sprint to take any actions involving Clearwire Corporation other than those set forth in agreements that Sprint had previously entered into with Clearwire and some of their shareholders.
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Bank of America Corp. (NYSE:BAC): Before the bell on Wednesday, October 17, Bank of America Corp. is scheduled to report third quarter 2012 earnings. The results are typically released at 7:00 a.m. EST with a conference call scheduled to follow at 8:30 a.m. Bank of America is a Dow component with broad market influence, and therefore could have a heavy impact on the index futures and other key market gauges. Note that Bank of America is the last of the major banking institutions to report earnings for the recent quarter.
Citigroup Inc. (NYSE:C): Stocks advanced today as optimism about stronger-than-expected Citigroup Inc. earnings and retail sales along with a rebound in energy shares put investors in the mood to buy. After the third largest United States bank reported quarterly adjusted earnings that surged from the year ago quarter and beat expectations, Citigroup Inc rose 4.5% to $36.32 and gave the biggest lift to the Standard & Poors 500. The growth came as mortgage lending increased and capital market results rebounded.
Annaly Capital Management, Inc. (NYSE:NLY): Annaly Capital Management, Inc. had their price target cut by Wunderlich from $17.50 to $14.50. Wunderlich currently has a hold rating on their stock.
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