Bank of America Slides on Shareholder Suit; Factory Orders Slip

Bank of America (BAC) was sharply lower in midday trading Friday as a class action suit against the bank moved forward. The suit alleges its Merrill Lynch unit gave poor advice in the $1.5 billion sale of Zale to Signet Jewelers (SIG). Stocks recovered from session lows, though remained in the red after September jobs data showed another month of weakness in the labor market. Job growth has slowed significantly over the past two months. Factory orders fell at a faster-than-expected pace in August. Wynn Resorts (WYNN) spiked after the Chinese government pledged support to revitalize Macau's economy. The region off the coast of mainland China is a major hub for casinos but recently saw its sixteenth straight month of declining gambling revenue.