On Tuesday, Shares of Bank of America Corporation (NYSE:BAC), gained 0.88% to $17.28.
Bank of America Corporation declared the redemption of $2.0 billion of trust preferred securities. Starting in January of 2016, these securities, unlike the corporation’s other outstanding series of trust preferred securities, will completely phase out from regulatory capital.
As a result of the Bank of America Merrill Lynch merger in 2009, the company recorded a discount to par value as purchase accounting adjustments associated with these securities. Bank of America will record a non-cash reduction to net interest income and to pretax income of about $600 million in the fourth quarter of 2015 for the remaining discount to par value. The company anticipates realizing cash savings from lower funding costs as a result of the redemption.
The redemption affects all of the trust preferred securities of each trust listed in the table below. The redemption date for all such trust preferred securities is January 29, 2016, and the redemption price is 100 percent of the liquidation amount per trust preferred security, plus accumulated and unpaid distributions on the trust preferred securities through the redemption date.
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. Its Consumer and Business Banking segment offers a range of deposits and consumer lending services.
Shares of Yahoo! Inc. (NASDAQ:YHOO), inclined 1.31% to $34.04, during its last trading session.
Yahoo has become the latest big tech company to say it will warn users whose accounts may be the target of hackers from another country, according to MarketWatch.
The company said this week that it will send users notifications if “we strongly suspect that you may have been a target of an attack, and want to encourage you to take steps to secure your online presence.” Google GOOG, +1.85% began issuing such warnings in 2012, and Facebook FB, +1.26% and Twitter TWTR, -0.27% do so as well.
Hackers — in this case, those linked to another country, such as China or Russia — who cannot crack corporate or government agency networks often seek to infiltrate an organization through employees’ personal accounts. If the individual uses the same password across accounts (and several studies have found that they do), or logs onto work-related portals from home, criminals can approach their targets through those gateways. MarketWatch Reports
Yahoo! Inc. provides search and display advertising services on Yahoo properties and associate sites worldwide. The company offers Yahoo Search that serves as a starting point to navigate the Internet and discover information; and Yahoo Answers, which enables users to seek, discover, and share knowledge and opinions across mobile phones, tablets, and desktops.
Finally, Gold Fields Ltd. (NYSE:GFI), ended its last trade with 3.70% gain, and closed at $2.80, as gold prices are in the red.
The price of gold is being pushed down recently due to declining oil prices and the anticipation of higher interest rates in 2016, the Wall Street Journal reports.
The precious metal has been weighed down by worries that the Federal Reserve may tighten interest rates more quickly than predictable next year, the Journal noted.
Gold Fields Limited operates as a gold mining company. The company engages in the exploration, extraction, processing, and smelting of gold and copper properties. It holds interests in eight operating mines in South Africa, Ghana, Australia, and Peru. The company has total gold mineral reserves of about 48.1 million ounces and mineral resources of about 108.3 million ounces. Gold Fields Limited was founded in 1887 and is based in Sandton, South Africa.
