Breakfast News: Bank of America Corp, Sirius XM Radio Inc, General Motors Company, J.C. Penney Company


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NYSE:BAC / NASDAQ:SIRI / NYSE:GM / NYSE:JCP
05/20/2014 [ACCESSWIRE]

NEW YORK / ACCESSWIRE / May 20, 2014 / Market Buzz Report, which provides up to date coverage, commentary and alerts on OTC and NASDAQ Stocks, issues critical stocks analysis for Bank of America Corp, Sirius XM Radio Inc, General Motors Company, J.C. Penney Company

Bank of America Corp (NYSE:BAC)’s shares gained 1.10% to $14.67. A federal appeals court on May 19 said Bank of America Corp was not liable to shareholders for allegedly concealing a $10 billion fraud lawsuit by American International Group Inc, whose filing led to a 20-percent one-day plunge in the bank's stock price.

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Additionally, BAC has until May 27th to resubmit the financial templates to the Federal Reserve, said Chief Financial Officer Bruce Thompson at the annual shareholder meeting on Wednesday. After that, the Fed will have up to 75 days to come back to the bank once all the information requested was submitted. The bank cannot predict capital plans at this point to shareholders, said the CFO on May 7.

Sirius XM Radio Inc (NASDAQ:SIRI)’s shares gained 1.28% to $3.16. The company on May 13 announced that Nowcom will provide seamless integration of the SiriusXM Pre-Owned Program into its DealerCenter dealer management products.  DealerCenter is Nowcom's all-in-one DMS software that helps dealers manage their customers and leads, sales, inventory, financing, websites and online marketing.

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The 4,500 dealerships across the country that utilize DealerCenter can easily enroll in the SiriusXM Pre-Owned Program, identify vehicles in their pre-owned vehicle inventory that are equipped with factory-installed satellite radios, and demonstrate SiriusXM during test drives.  Customers purchasing any pre-owned vehicle with a factory installed satellite radio from a participating dealership will receive a three-month SiriusXM subscription.

General Motors Company (NYSE:GM)’s shares gained 0.74% to $34.25. The company has turned to an old hand to lead its global communications as it deals with the fallout of a defective ignition-switch issue linked to at least 13 deaths and the recall of 2.6 million vehicles. The No. 1 U.S. automaker on Monday named Tony Cervone senior vice president of global communications, replacing Selim Bingol, who left last month. Cervone, 51, had previously spent 10 years on GM's public relations team, including leading communications in Europe and working with Mary Barra, current chief executive, when he was vice president of North American communications in 2006 and 2007. He joined GM from Chrysler and left it to join United Airlines.

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Additionally, Pomerantz LLP on May 16 announces the filing of a class action lawsuit against General Motors Company ("GM" or the "Company") (NYSE: GM) and certain of its officers. The class action, filed in United States District Court, Eastern District of Michigan, and docketed under 14-cv-11191 is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of GM between November 17, 2010 and March 21, 2014, both dates inclusive (the "Class Period").

J.C. Penney Company, Inc.(NYSE:JCP)’s shares declined 3.80% to $9.36. The company on May 15 announced financial results for its first quarter ended May 3, 2014. For the first quarter, JCPenney reported net sales of $2.80 billion compared to $2.64 billion in the first quarter of 2013. Same store sales increased 6.2% and improved sequentially each month within the quarter. Operating income for the quarter was a loss of $247 million which represents a 49.2 % improvement over last year. For the first quarter, the Company incurred a net loss of $352 million or ($1.15) per share.

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SOURCE: Market Buzz Report  

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