Why Amazon, Pandora, Bank of America, and 2 More Are Trending

Bank of America Corp (NYSE:BAC) is 0.76% in the green after another Fed official, Atlanta Fed President Dennis Lockhart, said that he would “encourage serious discussion of a policy rate increase.” Lockhart qualified his statement however, saying that he was not speaking on behalf of the FOMC or Federal Reserve. On Friday, Boston Fed President Eric Rosengren also said that he supported raising rates sooner rather than later. Bank of America will doubtlessly benefit from rising rates by realizing greater profits. The number of funds in our database with holdings in Bank of America Corp (NYSE:BAC) fell by eight quarter-over-quarter to 102 at the end of June.

Last but not least, Farmland Partners Inc (NYSE:FPI) is around 5% in the red today after the company agreed to merge with American Farmland Co (NYSEMKT:AFCO). According to FPI’s management, the merger is expected to be accretive to Farmland Partner’s AFFO per share by 10% in 2017 and by 20% when synergies are fully realized. Despite the long-term accretion, shares of Farmland Partners are in the red today because the transaction value represents a meaningful premium to American Farmland’s unaffected stock price. According to the terms, each share of American Farmland will receive 0.7417 shares of newly-issued Farmland Partners stock. Three funds owned $6.16 million worth of Farmland Partners Inc (NYSE:FPI) shares on June 30, which accounted for 4.50% of the float. Three were also long American Farmland Co (NYSEMKT:AFCO) at the end of June, shares of which have gained 19.21% today.

Disclosure: None