On Friday, Shares of Bank of America Corporation (NYSE:BAC), ended flat to $16.04.
Charles Gifford and Thomas May, the two longest-serving members of Bank of America Corp.’s board, are considered by most analysts and investors to be allies of CEO Brian Moynihan. They also have close ties outside the bank according to WSJ.
Messrs. Gifford, May and Moynihan all became part of Bank of America in 2004, when the Charlotte, N.C., bank bought FleetBoston Financial Corp. as a way to expand in the Northeast. Mr. Gifford was Fleet’s chairman and CEO, Mr. Moynihan was one of his top lieutenants, and Mr. May served on Fleet’s board.
These days, the two board members have another connection too: Mr. Gifford assists set Mr. May’s pay at his day job. Mr. May is the CEO and chairman of Eversource Energy, a utility company based in Hartford, Conn., and Boston. Mr. Gifford is on the board there, too, and he is chairman of the compensation committee. WSJ Reports
Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments.
Shares of Sprint Corporation (NYSE:S), inclined 1.24% to $4.88, during its last trading session.
Sprint Corporation offer for the 16 GB iPhone 6S with a basic data, calling and text plan costs between $3 and $10.50 less per month than a competing offer from the other three top U.S. carriers, according to Reuters.
The competition in the U.S. wireless industry is fierce and the launch of the newest iPhone iteration on Wednesday is a chance for carriers to lure customers away from their rivals.
But, Apple Inc served up a curve ball by offering its own financing scheme for an unlocked iPhone, which gives a customer the liberty to switch between carriers, rather than be tied down by a contract with one carrier.
However, Sprints plan works out to be cheaper, on a per month basis, than even buying the iPhone from Apple and going for the cheapest wireless plan on offer. Reuters Reports
Sprint is charging $22 per month for the 16 GB iPhone 6S, under a 21-month lease. That together with a basic talk, text and data plan, worth $45, will cost a customer $67 per month. Reuters added.
Sprint Corporation, through its auxiliaries, provides various wireless and wireline communications products and services to consumers, businesses, government subscribers, and resellers in the United States, Puerto Rico, and the U.S. Virgin Islands.
Finally, Shares of Noble Energy, Inc. (NYSE:NBL), ended its last trade with 1.43% gain, and closed at $31.19.
Jefferies upgrades Noble Energy to buy rating in a research note issued this Friday.
The firms price target on the stock was lowered to $37 from $38. The firm cited a lower oil price forecast in its update. Jefferies lowered its Brent oil price forecast for 2015, 2016 and 2017 to $54, $61 and $73 per barrel from $59, $68 and $77, respectively.
Noble is facing reinvestment challenges from Israels contract risk and a less robust reserve replacement as contrast to its past rapid growth period, Jefferies said.
We think the current reduced valuation over-penalizes what is still a very strong company with good assets, with a very strong balance sheet and funding profile, Jefferies said in a note.
Noble Energy, Inc., an independent energy company, engages in the acquisition, exploration, and production of crude oil, natural gas, and natural gas liquids worldwide.
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