ProMarketLive.com

ProMarketLive.com

August 09, 2011 19:00 ET

Bank of America Bounces Back, General Electric Invests in Solar Thermal, Ford Rises on Positive Analyst Comments

The ProMarketLive PM Update Features Bank of America, General Electric and Ford

LAS VEGAS, NEVADA--(Marketwire - Aug. 9, 2011) -

Investment Review: This afternoon's focus is on Bank of America (BAC), General Electric (GE) and Ford (F).

Bank of America Corp. (BAC) jumped 16.74% in today's trading, with most of the gain occurring towards the end of the trading session. The price rise was particularly welcome news for shareholders as BAC has tumbled sharply over the past several days following news the company is being sued by American International Group Inc. for more than $10 billion. The suit, which alleges BAC committed "massive fraud" on its mortgage debt, caused the bank's shares to tumble 20.3 per cent yesterday to a low of $6.31 amid worries it cannot manage a deepening litigation morass.

General Electric (GE) climbed 3.43% today after announcing it has entered the solar thermal power segment, with an investment of up to $40 million in eSolar, through its GE Energy business unit. The deal includes a licensing agreement. Other companies that have recently invested in solar thermal include Alstom, which has provided funding for Brightsource Energy Inc.; Areva SA, which acquired solar thermal technology from Ausra Inc. last year and has been purchasing business; and Siemens, which uses technology from its 2009 acquisition of Solel to participate in the market.

Ford Motor Company (F) shares climbed 9.87% Tuesday in response to positive comments by an analyst, who said investors are not giving sufficient credit to the health of the company's balance sheet and its future growth opportunities. The analyst, John Murphy of Bank of America, put Ford on the bank's "U.S. 1" list of top investments.

Ford announced a profit of $2.4 billion in the second quarter, a slight decrease from Q2 last year. According to the company, rising commodity prices and investment in Asia caused the lower results.

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