Stocks in the news: General Motors, Sony, Bank of America
The following post rounds up the companies making headlines today:
General Motors Corp. (GM) GMAC Financial Services unit may be getting billions more -- $7-7.5 billion -- in federal aid, according to media reports. That's after GMAC failed a bank "stress test" earlier this month, and was told it needed to raise $11.5 billion within six months. GMAC already received $5 billion from TARP. GM stock climbed nearly 9 percent in pre-market trade.
Bank of America (BAC) is looking to pay $45 billion of government funds by the end of the year, according to the Financial Times. Meanwhile, it's on track to raise about $35 billion in capital by the end of September, needed to fulfill Treasury stress-test requirements. Negotiations to sell some of the lender's non-core assets are underway. Shares declined 1.6 percent before the bell.