After-Hours Movers 10/06: BofA (BAC) Lower On Lower Earnings, Capital Raise, Dividend Cut

October 6, 2008 6:12 PM EDT

StreetInsider.com After-Hours Movers:

Bank of America (NYSE: BAC) 9% LOWER; reported third quarter net income of $0.15 per share, below the consensus of $0.62 and $0.82 last year. The company also announced two initiatives to raise capital, targeting an 8 percent Tier 1 capital ratio. The company intends to sell common stock with a target of raising $10 billion. In addition, the Board of Directors has declared a quarterly dividend on common stock of $0.32 to be paid on December 26, 2008 to shareholders of record on December 5, 2008. The dividend was reduced from $0.64.

Merrill Lynch (NYSE: MER) 7% LOWER; Merger partner BofA reports smaller profit, raising capital, cuts dividend.

Sovereign Bancorp (NYSE: SOV) 4.8% LOWER; BofA reports smaller profit.

Calgon Carbon Corp. (NYSE: CCC) 3% HIGHER;will replace Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX) in the S&P SmallCap 600 after the close of trading on Friday, October 10. Allscripts is undergoing a corporate restructuring that will leave it majority-controlled by S&P Global 1200 constituent Misys Plc in a deal expected to close on or about that date, pending final approvals.

Wells Fargo (NYSE: WFC) 2.4% LOWER; Wachovia, Citigroup, and Wells Fargo Announce Litigation Standstill

Citigroup (NYSE: C) 1% LOWER; Wachovia, Citigroup, and Wells Fargo Announce Litigation Standstill

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• Citi
• Merrill Lynch
• Wachovia
• Banc of America
• Standard & Poor's
• Dividend

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