NEW YORK (TheStreet) - Bank of America (BAC), Microsoft (MSFT) and Alcoa (AA) were top gainers last week, while Verizon Communications (VZ) and The Coca Cola Company (KO) eroded considerable value.
Bank of America was the top advancer last week, up 11.2%, on reports that a refinancing plan would enable borrowers with current mortgage payments to refinance at a rate of 4.5% or lower. However, analysts argued that such a refinancing plan could prove negative to banks. Meanwhile, BAC has also declared preferred dividends in the range of 19 cents to 54 cents on its Cumulative and Non-Cumulative Preferred Stock Series.
Microsoft rallied 8.3%, after British Telecommunications ( BT), in association with Microsoft, announced an enterprise-class platform to host dedicated Microsoft Lync voice pilots in BT's Irving, Texas Operations Center. > >> Bull or Bear? Vote in Our PollThe Walt Disney Company ( DIS) gained 6.4% after Comcast and Walt Disney announced a long-term, comprehensive distribution agreement to deliver Disney's sports, news and entertainment content to Comcast's Xfinity TV customers over the next decade on television, online, on tablets and handheld devices. Meanwhile, Fitch views this agreement as positive to Disney as well as other content providers. In addition, the company's ESPN cable network is expected to recognize some affiliate revenue earlier in the year following the agreement with Comcast. JPMorgan Chase ( JPM) advanced 6.3% ahead of its earnings report. Alcoa rose 5.8%. The company is expected to close 12% of its global smelting capacity after the price of the lightweight metal dropped due to a global surplus. Verizon Communications was the top decliner, down 4.5%. Other laggards were Coca Cola and Wal-Mart Stores ( WMT), losing 1.5% and 1.2%, respectively. AT&T ( T) dipped 1.9% after the company agreed to pay TiVo a minimum of $215 million and extra monthly licensing fees to settle a patent infringement dispute related to recording live TV. TiVo is expected to receive extra payment from AT&T, depending on the latter's subscriber base of DVR users meeting certain growth targets through 2018.