(By Salman - iStockAnalyst Writer)US stocks declined in Friday's holiday shortened session as worries over Dubai debt crisis spooked investors.
Below we highlight few stocks witnessing unusual price action on Friday.
Bank of America Corp. (NYSE:
BAC): Shares of the company plunged over in Friday's holiday-shortened session as worries about debt crisis facing Dubai spread rapidly. Meanwhile, the bank's board once again failed to reach its goal of announcing a new CEO by Thanksgiving Day. It was the third target date the company has let pass since current Chief Executive Ken Lewis announced his accelerated departure on Sept. 30. The Charlotte, North Carolina-based bank has requested a Manhattan federal judge to dismiss class-action lawsuit filed by investors over its Merrill Lynch & Co purchase and its disclosures about Merrill's losses and bonus payouts.
MGM Mirage (NYSE:
MGM): Shares of the casino operator lost over on Friday after Dubai World, the casino owner's partner in the largest development on the Las Vegas Strip, asked creditors early this week if it could delay upcoming debt repayments until next May. The entity has around $60 billion in debt. However, MGM Mirage announced late yesterday that its planned CityCenter project in Las Vegas, a joint venture with troubled DubaiWorld, stands to go ahead as planned. According to MGM Mirage, the project is fully funded and ready to open next week.
MidSouth Bancorp Inc. (AMEX:
MSL): The bank holding company on Wednesday filed a registration statement with the Securities and Exchange Commission for the offering of up to $30 million of its common stock. MidSouth plans to grant the underwriters an option to purchase up to an additional $4.5 million of common stock offered to cover over-allotments, if any. It also plans to use the net proceeds from the offering for general corporate purposes including ongoing and anticipated growth, including potential acquisition opportunities.
American International Group (NYSE:
AIG) on Wednesday said that it settled all disputes with former Chief Executive Maurice "Hank" Greenberg and ex-Chief Financial Officer Howard Smith. The parties agreed to release each other from all claims, including any claims by Greenberg and Smith against AIG for indemnification of future legal fees and expenses or settlement costs. Layn R. Phillips, a former U.S. judge, will determine how much AIG must pay in legal expenses for Greenberg and former finance chief Howard Smith, the New York-based insurer said yesterday in a regulatory filing.
Disclosure: Author doesn't own any of the stocks discussed here.
