(BAC) Company News for September 7, 2011 – Corporate Summary

•    Lufkin Industries (NASDAQ:LUFK) said it had concluded an Asset Purchase Agreement to purchase virtually all the assets of Quinn’s Oilfield Supply Ltd for around $303 million

•    Shares of exploration company Sunoco Inc. (NYSE:SUN) gained 5.32% after the company announced its decision to sell off its refinery businesses and concentrate on the gasoline retail segment

•    Shipping box maker Temple Inland, Inc.’s (NYSE:TIN) share prices advanced 25.25% to close at $30.85 a share after International Paper Co. (NYSE:IP) increased its offer price for the company

•    Shares of the banking sector declined and closed in the red after the cost of insuring bank debt rose substantially. Following this development, share prices of Credit Suisse (NYSE:CS), Royal Bank of Scotland (NYSE:RBS) and Bank of America (NYSE:BAC) fell 12.93%, 12.74% and 3.59% respectively

•    Analysts at Robert W. Baird & Co. slashed the price estimate of crane manufacturer Manitowec Co, Inc. (NYSE:MTW). Following the downgrade, shares of the company fell 4.25%

•    Share prices of PulteGroup Inc. (NYSE:PHM) declined 3.88% to close at $4.21 after analysts at Goldman Sachs (NYSE:GS) removed the stock from the firm’s conviction buy list

•    Analysts at Goldman Sachs (NYSE:GS) downgraded shares of Whirlpool Corp. (NYSE:WHR) from “Buy” rating to “Neutral” rating

•    Wireless operator Sprint Nextel Corp (NYSE:S) filed a legal suit to stop the proposed acquisition of  T-Mobile USA Inc by AT&T Inc (NYSE:T)

BANK OF AMER CP (BAC): Free Stock Analysis Report

CREDIT SUISSE (CS): Free Stock Analysis Report

GOLDMAN SACHS (GS): Free Stock Analysis Report

INTL PAPER (IP): Free Stock Analysis Report

LUFKIN INDS (LUFK): Free Stock Analysis Report

MANITOWOC INC (MTW): Free Stock Analysis Report

PULTE GROUP ONC (PHM): Free Stock Analysis Report

ROYAL BK SC-ADR (RBS): Free Stock Analysis Report

SPRINT NEXTEL (S): Free Stock Analysis Report

SUNOCO INC (SUN): Free Stock Analysis Report

AT&T INC (T): Free Stock Analysis Report

TEMPLE-INLAND (TIN): Free Stock Analysis Report

WHIRLPOOL CORP (WHR): Free Stock Analysis Report

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