Wednesday, March 23, 2011

Stocks In Focus: BAC, XOMA, SIRI

Stock Trader
Shares of Bank of America Corp (NYSE: BAC) dropped as much as 2% in Wednesday's pre-market trading after the company said that it needs to revise its plans to boost dividends in the second half of 2011 after regulators objected to the proposal. The bank said that it will continue to work with the Fed and plans to "seek permission for a modest increase in its common dividend for the second half of 2011, through the submission of a revised comprehensive capital plan."

After Tuesday's closing bell, XOMA Ltd. (NASDAQ: XOMA) announced that its Phase 2b trial of XOMA 052 in Type 2 diabetes patients did not achieve the primary endpoint of reduction in glycosylated hemoglobin, or HbA1c, after six monthly treatments with XOMA 052 compared to placebo. Shares of the company slumped more than 34% in Wednesday's pre-market trading.

Howard Stern on Tuesday sued Sirius XM Radio (NASDAQ: SIRI), alleging that the satellite-radio station failed to pay performance-based stock options. The suit, filed in New York State Supreme Court, alleges that Stern was entitled to stock grants based on subscriber levels for 2008 and 2009, but that they weren’t paid. 

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