August 12, 2011 14:30 ET

No Common Shares for Bank of America, SIRI Stock Goes Higher, Citigroup in Downswing

ProPennyPick's Afternoon Update Features Bank of America (BAC), Sirius (SIRI) and Citigroup (C)

LAS VEGAS, NEVADA--(Marketwire - Aug. 12, 2011) - Investment Updates: This afternoon's focus is on Bank of America (BAC), Sirius (SIRI), Citigroup (C).

Bank of America (BAC) CEO Brian Moynihan has said the bank will not have to issue common shares to shore up its capital position. In related news, BlackRock veteran Deborah Fuhr is joining BAC Merrill Lynch in London as head of its Global Delta One Strategy. This year alone, the stock is down 43 percent, and it has fallen 20 percent this week. Fear of dilution is thought to be one of the major reasons.

Sirius (SIRI) Talk Sport has agreed a new partnership with SIRI that will see programs from the UTV Media-owned station broadcast to 21 million satellite radio listeners in the US. The stock saw a favorable 7.5 percent gain on Thursday to a price of $1.86 on 97 million shares traded. Some analysts are saying the stock could go higher than $2.00 a share soon.

Citigroup (C): These stocks have seen the kind of sharp downswings reminiscent of 2008 when the financial crisis peaked. Year to date, the stock has shed 36%. Pertaining to the current market value, C trades at half its book value of $60.34 per share and at 62% of its tangible book value. According to at least one financial reporter, the bank's woes are at least partially caused by the fact there is still a perception of them as the institution that needed government support.

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