Stocks in the News: Allscripts, Texas Instruments, Bank of America
The following is a round-up of news likely to affect stock prices today
BP (BP) is preparing to burn some of the oil it's pumping to the surface using a device called an EverGreen Burner, which turns a flow of oil and gas into a vapor that is pushed out its 12 nozzles and burned without creating visible smoke.
Texas Instruments (TXN) said second-quarter earnings and revenue would be at the high end of its previous estimates because of stronger demand for its chips, particularly from industrial customers.
Bank of America (BAC) said it was selling its 24.9% stake in a Mexican operation of Banco Santander (STD) back to Santander for $2.5 billion.
Allscripts (MDRX) announced it is buying Eclipsys (ECLP) for $1.3 billion in stock in an all-stock deal. Eclipsys shareholders will receive 1.2 Allscripts shares for each Eclipsys share -- about a 19% premium over Eclipsys's Tuesday closing price.
Goldman Sachs (GS) may be looking at new legal problems, as settlement talks with an Australian hedge fund appear to be breaking down, a source told Reuters, meaning the fund could file a lawsuit against Goldman as early as Wednesday.
Sprint Nextel (S) said on Tuesday it had inadvertently overstated the launch day sales of HTC's EVO 4G phone, which is supposed to be a serious competitor to Apple's (AAPL) iPhone 4.
Ambac Financial Group (ABK) said it could default on its loan obligations and was still considering filing a prepackaged bankruptcy. Shares sank over 10% in premarket trading.
Ciena (CIEN) said Wednesday its second-quarter loss narrowed as revenue nearly doubled. The company's loss was lower than estimates, but revenue missed analyst forecast.
Honda (HMC) employees walked off the job Wednesday, forcing the company to halt production at two of its Chinese car assembly plants. Honda said production would remain suspended until labor negotiations are resolved.
TiVo (TIVO) was dealt a setback when the U.S. Patent and Trademark Office ruled against it in a dispute over a key piece of technology with Dish Network (DISH).