August 17, 2011 08:45 ET

Bank of America Sells Off, Citibank Credit Card Stats, Microsoft to Bid for Motorola?

ProPennyPick's Morning Updates announce the picks you need to know about for Wednesday and why?

LAS VEGAS, NEVADA--(Marketwire - Aug. 17, 2011) - Bank of America (BAC) CEO Brian Moynihan has been saying he's going to be selling off noncore assets in order to fend off either a massively dilutive capital raise or a sale of something very valuable like Merrill Lynch.

There is even talk BAC is set to sell real estate investments held by its Merrill Lynch unit to Blackstone Group LP (BX) for as much as $1 billion. Most recently they have agreed to sell the Canadian card unit to Toronto-Dominion Bank. This follows the sale of Spain's credit card operations. Pundits say there are more sales coming in Europe.

The stock closed down on Tuesday at 7.40 with a volume of 275,997,227.

Citibank (C) has reported a 33 per cent profit after tax for the first six months of 2011. Profit was Sh1.2 billion and the growth in corporate banking services was considered one of the major reasons. They have also reported their credit card default rate rose in July, reversing four months of decreases. However, late payments fell and this likely indicates fewer defaults on the horizon.

Even with the increases, the default rate is lower than the peak rate of 12.14 percent in August 2009. They still remain second-highest among the nation's top six credit card companies, just behind BAC.

Microsoft (MSFT): In a late development Tuesday, it's been learned MSFT could make its own bid for Motorola. It's a move that's sure to ignite the patent war brewing in the Smartphone world. The thinking is if MSFT took over Motorola's more than 17,000 patents, Google and the Android versions would be further behind.

The day's range for Tuesday was 25.05 - 25.59 and the daily volume was 54,256,723.

eMamba (EMBA - PK) Wave Technology Group Inc. (formerly WTGI - PK) now operates as eMamba International under the new ticker symbol EMBA - PK, reflecting its acquisition of eMamba Inc. The acquisition and subsequent changes reflect a shift in the company's new business strategy as it shifts its focus to offering integrated, cloud-based business software and after-sales services.

eMamba today announced Glen Huang as the new company's president. Huang is an experienced software programmer and developer, and is also the chief architect and author of eMamba's cloud software offering. When fully implemented, the software will comprise 26 applications spanning all areas of enterprise resource planning (ERP) and customer relationship management (CRM).

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