Market Boosted by Strong Tech Earnings: Bank of America Corp., MAP
Pharmaceuticals Inc., Swingplane Ventures Inc., World Moto, Inc., Organovo
NEW YORK, January 24, 2013
NEW YORK, January 24, 2013 /PRNewswire/ --
Fourth-quarter revenues reported by tech giants IBM and AMD gave the markets a
boost yesterday. IBM rallied more than 4% to hit $204.72 as their profit
forecast beat analyst estimates. AMD, the second-biggest maker of processors
for personal computers, also beat analyst estimates and rose more than 10% to
hit $2.73. Apple reported weaker than expected first-quarter sales, dragging
the stock down more than 10% after hours.
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Bank of America Corp. (NYSE:BAC) - BAC led the NYSE in volume yesterday and
traded over 120 million shares. On November 16 ^th 2012, BAC shares were
trading as low as $8.92 which represents a gain of nearly 30% at Wednesday's
closing price of $11.42. Bank of America said Wednesday that it has named two
new members to its board of directors. BAC's CEO and CFO purchased a combined
total of 27,516 shares on January 15 ^th .
MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) - MAPP saw a surge in trading volume
yesterday and traded over 45 million shares. The stock hit a new 52-week high
of $24.77 on Wednesday and closed a hair below it at $24.71. Allergan Inc. has
agreed to buy Mountain View's MAP Pharmaceuticals for a valued $958 million.
Swingplane Ventures Inc. (OTCBB: SWVI) - SWVI came out through the gates at
full speed yesterday and kept going until the close. The stock closed in the
green up over 70% with more than $20mil in volume traded. Average volume is
263,521 and volume traded on Wednesday was nearly 90 million. Last year SWVI
entered into an assignment agreement to acquire certain mining concessions in
the country of Chile.
World Moto, Inc. (OTCBB: FARE) - FARE shares saw an incredible bounce
yesterday coming back from a low of $0.036 on Tuesday, January 22 ^nd . The
stock closed at $0.1091 on Wednesday representing a gain of over 200% since
Tuesday. World Moto, Inc. announced that they have been selected as the
potential participant in an upcoming documentary on Business Technology for
CNN, which will be hosted by Martin Sheen.
Organovo Holdings, Inc. (OTC: ONVO) - Organovo Holdings traded at levels
yesterday that the stock hasn't seen since June 2012. ONVO shares hit a high
of $6.35 on Wednesday before retracing. The stock ended up closing in the red
at $4.55, down over 23% since Tuesday's close. Volume traded on Wednesday was
more than 10 times higher than the stock's average volume of 628,255.
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