NEW YORK (
) -- Shares of
Bank of America
rose in extended trades on Wednesday after the bank said it's secured
over about $47 billion in soured mortgage backed securities.
Charlotte, N.C.-based Bank of America was facing a deadline this week to respond to allegations raised by attorneys for the bondholders, which include Pacific Investment Management Co.,
and the New York Federal Reserve.
Wall Street Journal
is reporting Bank of America is now in settlement talks with some of its largest mortgage investors, a move that it said would represent a "major shift in strategy for CEO Brian Moynihan, who has pledged to fight against having to repurchase any of the securities.
The stock was last quoted at $12.67, up 3.1%, on volume of 11.2 million, according to
. Based on a regular session close at $12.29, the shares are down almost 18% year-to-date.
A big loser in late trades was
, whose shares fell nearly 8% to $3.68 after the bell with around 20,000 shares changing hands.
Weighing on the stock was news that a phase 2b clinical trial of the company's proposed hepatitis B treatment, SCV-07, had missed its primary endpoint.
"Although the data showed an interesting biological signal, due to the rapidly changing landscape of effective treatments which increase the complexity and risks of developing drugs in chronic HCV, we have decided not to continue development in this indication," said Friedhelm Blobel, the company's CEO and president, in a statement.
The setback comes with SciClone's shares having gained 75% this year, and the company said it still plans to continue development of the drug for the prevention of oral mucositis in patients with head and neck cancer with a phase 2b study for this indication expected to begin early next year.
got a slight lift in extended trades after the Memphis, Tenn.-based auto parts retailer boosted its buyback program by $500 million.
The company, which operates roughly 4,600 stores in the United States and Mexico, cited its "continued strong financial performance" as the impetus for its ongoing repurchase plans. AutoZone announced its fiscal first-quarter results on Dec. 7, posting a profit of $172.1 million, or $3.77 a share, which beat Wall Street expectations by nearly 10%.
At that time, the company said it had repurchased 1.3 million common shares for $300 million during the three months ended Nov. 20 at an average price of $231 per share, and that it had around $386 million remaining under its buyback program.
The stock ticked up $2.45, or 0.9%, to $265 on volume of around 10,000, according to
. Based on a regular session close at $262.55, the shares have appreciated 66% this year.
Written by Michael Baron in New York.
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