On Friday, Shares of Bank of America Corporation (NYSE:BAC), lost -1.02% to $16.50.
Bank of America Corporation, reached a consent order with the Office of the Comptroller of the Currency (OCC) in which it agreed to continue to make improvements to its compliance practices, specifically enhancing its non-home loan collections litigation and Service members’ Civil Relief Act (SCRA) processes in addition to its enterprise compliance program.
The order covers collections litigation from several years ago for a small percentage of credit card and deposit overdraft customers who defaulted on their account, and also covers SCRA account servicing. The issues were discovered by reviews that began in 2011; since that time, Bank of America improved its collections litigation and sworn documents processes and improved controls around SCRA across the company. In addition, Bank of America is building upon a number of initiatives already underway to better manage compliance risk going forward.
Bank of America Corporation, through its auxiliaries, provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, large corporations, and governments worldwide.
During Friday trade, Consumer stocks were declining with shares of consumer staples companies in the S&P 500 slumping more than 0.5%. Shares of consumer discretionary firms in the S&P 500 also were sinking about 0.5%.
Shares of GoPro, Inc. (NASDAQ:GPRO), declined -2.38% to $55.46, during its last trading session. The company exchanged hands with 5,235,382 shares as compared to its average daily volume of 5,646,170 shares. The company has the market capitalization of 7.46B.
GoPro, Inc. develops hardware and software solutions to alleviate consumer pain points associated with capturing, managing, sharing, and enjoying engaging content.
At the end of Friday’s trade, Shares of Scorpio Tankers Inc. (NYSE:STNG), lost -1.08% to $9.12.
Scorpio Tankers, declared (i) a new $250 million Securities Buyback Program, (ii) that it has recently taken delivery of an MR product tanker and (iii) that it will not exercise the options to purchase two LR2s presently under construction (with deliveries predictable in the fourth quarter of 2016 and first quarter of 2017) from Scorpio Bulkers Inc., a related party.
New $250 Million Securities Buyback Program
On May 27, 2015, the Company’s Board of Directors authorized a new securities buyback program to purchase up to an aggregate of $250 million of the Company’s common stock and bonds, which presently comprise of its (i) Convertible Senior Notes Due 2019, which were issued in June 2014, (ii) Unsecured Senior Notes Due 2020 (NYSE: SBNA), which were issued in May 2014, and (iii) Unsecured Senior Notes Due 2017 (NYSE: SBNB), which were issued in October 2014. This program replaces the Company’s stock buyback program that was formerly declared in July 2014 and was terminated in conjunction with this new repurchase program.
The Company may repurchase its common stock and bonds in the open market and in privately negotiated transactions, at times and prices that are considered to be appropriate by the Company (in its sole discretion), but is not obligated under the terms of the program to repurchase any of its common stock or bonds.
As of May 29, 2015, the Company had outstanding:
- 181,005,026 shares of common stock
- $360.0 million aggregate principal amount Convertible Senior Notes Due 2019
- $53.75 million aggregate principal amount Unsecured Senior Notes Due 2020
- $51.75 million aggregate principal amount Unsecured Senior Notes Due 2017
Scorpio Tankers Inc., together with its auxiliaries, engages in the seaborne transportation of refined petroleum products and crude oil worldwide. As of March 31, 2015, it owned 67 tankers comprising 11 LR2 tanker, 2 LR1 tankers, 15 Handymax tankers, 39 MR tankers with an average age of 1.1 years; and time charters-in 20 product tankers, counting 5 LR2, 5 LR1, 3 MR, and 7 Handymax tankers.
Finally, Newmont Mining Corporation (NYSE:NEM), ended its last trade with -0.84% decline, and closed at $27.24, despite Gold prices rose Friday as some investors wagered that weaker U.S. economic data would prompt the Federal Reserve to stand pat on interest rates.
The most actively traded contract, for August delivery, rose $1, or 0.1%, to settle at $1,189.80 a troy ounce on the Comex division of the New York Mercantile Exchange. Gold rose 0.6% in May and is up 0.5% on the year.
Gold prices jumped to $1,194.40 an ounce Friday after a Commerce Department report showed the U.S. economy shrank 0.7% in the first three months of the year, a downward revision from an earlier estimate of 0.2% growth. Economists predictable gross domestic product, the sum of all the goods and services produced, to contract 1% in the first quarter, WSJ Reports.
Newmont Mining Corporation operates in the mining industry. It primarily acquires, develops, explores for, and produces gold, copper, and silver deposits. The company’s operations and/or assets are located in the United States, Australia, Peru, Indonesia, Ghana, and New Zealand.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
