August 11, 2011 08:45 ET

Bank of America, Sprint Nextel and Microsoft Down but Not Out

ProPennyPick's AM Update Features Bank of America (BAC), Sprint Nextel (S) and Microsoft (MSFT)

LAS VEGAS, NEVADA--(Marketwire - Aug. 11, 2011) -

Investment Updates: This morning's focus is on Bank of America (BAC), Sprint Nextel (S), and Microsoft (MSFT).

Bank of America (BAC) has held talks with the principal investment funds of Kuwait and Qatar about selling part of its stake in China Construction Bank.

Bank of America, which owns about 10 percent of CCB's Hong Kong-listed shares and is scurrying to raise capital for its mortgage-scarred balance sheet, will be contractually free to sell the bank shares after August 29. They are valued at about $17 billion.

The bank, the largest in the U.S. by assets, is likely to sell half its stake in order to shore up its Tier 1 capital. Analysts believe Bank of America needs about $50 billion to meet new capital requirements.

Sprint Nextel (S) is not bulletproof when it comes to its stock price. While the company has made progress in slowing customer defections, improving service quality and landing sought-after new phones, it faces a number of demands for cash just as the cost and difficulty of borrowing have risen substantially amid market-Armageddon.

Among the big-ticket items coming Sprint's way are the need to pay off $2.3 billion in debt next March and starting work on a network-modernization project that the company says will cost $4 billion to $5 billion over the next three to five years.

Microsoft (MSFT) today issued 13 security updates that patched 22 vulnerabilities in Internet Explorer, Windows, Office and other software, including one that reminded investors of two decades ago of the "Ping of Death."

Of the 13 updates dubbed, "bulletins" by Microsoft, two were labeled "critical," the most serious rating in the company's four-step score; nine were marked "important," the next-most-dangerous category; and two were pegged as "moderate."

Microsoft's stock closed down 5.39 percent at $24.20 on 127,819,718 shares traded.

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