Afternoon Movers: BAC, OTIX, SNV, SNTA, USAT
Monday, September 13, 2021 3:11 PM

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Bank of America Corporation (NYSE: BAC) rallied more than 3% as investors were encouraged by a new set of banking standards. The Basel Committee on Banking Supervision on Sunday said banks must hold a minimum common equity of at least 7% of their risk-weighted assets. Also, banks would be required to increase their capital cushions to 4.5% from 2% under the new rules. The banks will have less than five years to comply with the minimum common equity requirement and until Jan. 1, 2019 to meet the capital cushion requirement. The regulations, known as Basel III, were less stringent than analysts had expected.

Otix Global, Inc. (NASDAQ: OTIX) soared more than 105% after it agreed to be acquired by William Demant Holding A/S (WDH), the parent company of hearing aid companies, Oticon and Bernafon. Under the merger agreement WDH will pay $8.60 for each outstanding share of Otix common stock.

Synovus Financial Corp. (NYSE: SNV) jumped more than 7% after Sanford C Bernstein said that it saw some possibility of an acquisition of Southeast regional lender at a premium valuation.

Synta Pharmaceuticals Corp. (NASDAQ: SNTA) surged more than 13% after the biopharmaceutical company announced that it was expanding its Phase 2 clinical trial of STA-9090 in patients with Stage IIIB and Stage IV non-small cell lung cancer from up to 69 patients to up to 146 patients based on encouraging activity observed in the first stage of the two stage clinical trial. 

USA Technologies, Inc. (NASDAQ: USAT) shot up as much as 24% after it announced that for August 2010 the Company hit small-ticket, wireless transactions of $8.3 million. This puts the company on an annualized run rate of approximately $100 million, an increase of 72% versus August 2009, through its ePort cashless payment systems for vending machines, kiosks and other unattended point-of-sale terminals. Total transactions processed in August 2010 were 4.6 million, an increase of 98% over total transactions processed in August 2009. The Company also reported that on September 2, 2010, it had reached a record of over 200,000 transactions processed in a single day on its ePort Connect Service. As of June 30, 2010, the company had approximately 82,000 connections on its service versus 52,000 connections as of June 30, 2009.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Market news:

  • Asian carp create nagging fear in Lake Erie towns Nov 26, 2021 08:19 AM

    • WHEATLEY, Ontario - Well before dawn, Todd Loop takes his fishing tug onto Lake Erie in pursuit of yellow perch, walleye and other delicacies - a livelihood that has sustained his family for three generations but faces a future as murky as the freshwater sea on a moonless night.
    • Already ravaged by exotic species such as the sea lamprey and quagga mussel, the Great Lakes soon may be invaded by Asian carp, greedy giants that suck plankton from the water with the brutal efficiency of vacuum cleaners.
    • Nowhere is the danger greater than in Lake Erie.
      • Russia opens key plant to destroy chemical weapons Nov 26, 2021 07:58 AM

        • POCHEP, Russia - Russia will miss a 2012 deadline for destroying all of its chemical weapons, officials said Friday as they inaugurated a major new plant to dispose of them.
        • The facility at Pochep, in the western Bryansk region, is the latest of several plants built in Russia in recent years to dismantle its Cold War-era chemical weapons arsenals - the world's largest.
        • As a signatory of the international Chemical Weapons Convention, the country already has destroyed about half of its chemical weapons, according to Russian officials.
          • US shoppers crowd malls all night long Nov 26, 2021 07:09 AM

            • Bargain shoppers, braving rain or frigid weather, crowded the nation's stores and malls in the wee hours of the night to get their hands on deals from TVs to toys on Black Friday.
            • In a bid to grab shoppers earlier on the traditional start to the holiday shopping season, a number of stores including Old Navy, Toys R Us and Sears opened on Thursday's Thanksgiving holiday.
            • Patricia Lopez, 32, a receptionist from Queens, N.Y., was in line at Toys R Us in New York's Times Square Thursday night.
              • NKorea warns region is on brink of war Nov 26, 2021 06:53 AM

                • YEONPYEONG ISLAND, South Korea - North Korea warned Friday that U.S.-South Korean plans for military maneuvers put the peninsula on the brink of war, and appeared to launch its own artillery drills within sight of an island it showered with a deadly barrage this week.
                • The fresh artillery blasts were especially defiant because they came as the U.S. commander in South Korea, Gen. Walter Sharp, toured the South Korean island to survey damage from Tuesday's hail of North Korean artillery fire that killed four people.
                • None of the latest rounds hit the South's territory, and U.S. military officials said Sharp did not even hear the concussions, though residents on other parts of the island panicked and ran back to the air raid shelters where they huddled earlier in the week as white smoke rose from North Korean territory.
                  • Teenagers adrift in Pacific for 50 days reach land Nov 26, 2021 06:26 AM

                    • SUVA, Fiji - Three teenage boys who spent 50 days adrift in a tiny boat in the South Pacific walked ashore on shaky legs Friday after their chance rescue - celebrated on their home island hundreds of miles (kilometers) away as a miracle that brought them back from the dead.
                    • The trio - Samuel Pelesa and Filo Filo, both 15, and Edward Nasau, 14 - told rescuers they survived on rainwater they collected, a handful of coconuts, raw fish and a seagull that landed on their 12-foot- (3.5-meter-) long aluminum boat.
                    • The boys set off Oct. 5 from their home island to one nearby.

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