Stocks in the news: Bank of America, GE, Comcast, Del Monte, Pier 1

Bank of America (BAC) said it would repay $45 billion in taxpayer bailout funds. The move will free the bank from pay restrictions as it looks to hire a new CEO, but also makes it more vulnerable to further economic shocks. Under the terms reached with the Treasury, the bank will sell up to $18.8 billion in securities that will convert into common stock. The remainder of the $45 billion would be repaid with $26.2 billion in cash. BAC shares climbed about 4% in pre-market trading.

General Electric (GE) and Comcast (CMCSA) have finalized their deal to form a joint entertainment company. Comcast agreed to buy a majority stake in NBC Universal through a venture with General Electric that values the entertainment company at about $37 billion. Comcast will contribute $6.5 billion in cash and $7.25 billion worth of cable channels to the new venture, of which it will own 51%. Jeffrey Zucker will lead the new entity. GE shares traded higher in pre-market action, and CMCSA's gained over 1%.