Preet heat
The probe of SAC Capital Advisors and its founder Steven A. Cohen is “ongoing,” and the indictment of the fund addresses “pervasive” criminal conduct there, US Attorney Preet Bharara said.
Bank shots
The government filed two civil suits against Bank of America for what the Justice Department and securities regulators called a fraud involving $850 million of residential mortgage-backed securities. Also, UBS agreed to pay $49.8 million to settle SEC charges it misled investors about a risky mortgage-bond transaction.
IBuMmer
IBM said it’s requiring most of the US employees in its hardware unit to take a week off with one-third pay, due to slow demand for products such as servers.
Penney-poor
JCPenney fell to $12.65, the lowest in more than 12 years, after an analyst said the store chain may post a wider loss than estimated. The shares closed at $13.28.
Uh-oh video
Dish Network and Charter Communications posted second-quarter results hurt by video-subscriber defections and programming costs, fueling speculation they’ll seek mergers.