On Friday, Bank of America Corp (NYSE:BAC)’s shares declined -1.76% to $15.65.
The Bank of America Chicago Marathon continues to provide year-over-year growth to Chicago’s economy, with the 2014 race delivering an estimated $254 million in total business impact to the city. The findings come from the latest economic impact study stated recently by Bank of America.
The event remains a key economic driver for the city, providing more than a quarter of a billion dollars to Chicago for the second year in a row.
The independent study is conducted by University of Illinois at Urbana-Champaign’s Regional Economics Applications Laboratory. Study authors used the Chicago Region Econometric Input-Output Model to estimate the direct and indirect economic impact the marathon has on the local economy.
The latest report found the event directly contributed an estimated $102.2 million to the main sectors of the tourism industry, which comprises travel, lodging, entertainment and transportation, in addition to another $151.8 million in indirect activity. This is an equivalent of 1,816 jobs and $86 million worth of wages and salary income. Each dollar spent by a race participant generated an additional $1.27 worth of activity distributed throughout Chicago.
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. It’s Consumer and Business Banking segment offers a range of credit, banking, and investment products and services counting traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, investment accounts and products, and credit and debit cards.
Alcoa Inc (NYSE:AA)’s shares dropped -0.78% to $9.49.
Lightweight metals leader Alcoa (AA) is expanding its R&D center in Pennsylvania to accelerate the development of advanced 3D-printing materials and processes. Alcoa will produce materials designed specifically for a range of additive technologies to meet increasing demand for complex, high-performance 3D-printed parts for aerospace and other high-growth markets such as automotive, medical and building and construction. The $60 million expansion is under construction at the Alcoa Technical Center, the world’s largest light metals research center near Pittsburgh, Pennsylvania.
Alcoa Inc. produces and manages primary aluminum, fabricated aluminum, and alumina worldwide. The company operates through four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions. The Alumina segment is involved in mining bauxite, which is then refined into alumina. The Primary Metals segment produces primary aluminum. The Global Rolled Products segment produces and sells aluminum plates, sheets, and foils, in addition to rigid container sheets for food and beverage packaging markets.
At the end of Friday’s trade, Sunedison Inc (NYSE:SUNE)‘s shares surged 0.42% to $11.99.
SunEdison, Inc. (SUNE) and TerraForm Global, Inc. declared that TerraForm Global, a partner of SunEdison, has priced an underwritten initial public offering of 45,000,000 shares of its Class A common stock at a price to the public of $15.00 per share, representing gross proceeds of $675 million. In connection with this offering, TerraForm Global has granted the underwriters a 30-day option to purchase up to an additional 6,750,000 shares of Class A common stock at the initial public offering price. TerraForm Global will also receive gross proceeds of $67.5 million from the sale of shares of Class A common stock in connection with a concurrent private placement transaction at a price per share equal to the initial public offering price.
TerraForm Global intends to use the net proceeds of this offering and the gross proceeds from the private placement transactions described in the prospectus to acquire newly-issued Class A units of TerraForm Global, LLC (“Global LLC”). Global LLC will use such proceeds and cash on hand, together with proceeds of the $810.0 million senior unsecured notes offering of TerraForm Global Operating, LLC, to repay all outstanding indebtedness (counting accrued interest) under its bridge facility, to pay pending acquisition consideration, to repay project-level indebtedness and for general corporate purposes, which may comprise future acquisitions of clean energy generation assets from SunEdison or from unassociated third parties.
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials. The Solar Energy segment provides solar energy services that integrate the design, installation, financing, monitoring, operations, and maintenance portions of the downstream solar market. It also manufactures polysilicon, silicon wafers, and solar modules.
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