Briefcase

Bank of America stock hits two-year low

NEW YORK – Bank of America shares hit a two-year low Monday.

The stock fell 3.6 percent in midday trading, hitting a low of $9.53, closing at $9.72.

In the past 12 months, Bank of America Corp.’s stock has fallen 35 percent, making it the third-worst-performing stock in the Standard & Poor’s 500 index. The stock had traded as low as $2.53 in February 2009 during the throes of the financial crisis.

Associated Press

Homebuilders’ outlook edges slightly higher

WASHINGTON – The outlook among U.S. homebuilders became a bit rosier in June but the future prospects for home construction are anything but promising.

An index of builders’ outlook for their industry in June rose two points to 15, the National Association of Home Builders said Monday. Any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom. It’s still just seven points above the lowest reading on record, in January 2009.

The builders’ monthly index is calculated from a survey that characterizes sentiments about current and future sales as “good,” “fair” or “poor.”

Associated Press

GM plans major update to Flint, Mich., plant

General Motors will spend $328million to update a factory in Flint, Mich., where it will build the next generation of Chevrolet Silverado and GMC Sierra pickups, due in showrooms in 2013.

The Flint Assembly Plant will add about 150 new jobs. It will also bring in 750 laid-off auto workers for an additional shift.

Associated Press

Hedge fund exec denies he misused WaMu data

WILMINGTON, Del. – A hedge fund executive is denying allegations from Washington Mutual shareholders that his firm used confidential information gained in WaMu’s bankruptcy case to trade in its securities.

Dan Gropper of Aurelius Capital Management testified Monday that Aurelius made sure its traders did not use nonpublic information he and other officials learned of during bankruptcy negotiations.

Gropper will resume testifying today as a Delaware judge considers whether to approve Washington Mutual’s reorganization plan, which is opposed by shareholders.

Associated Press