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BofA/Merrill Lynch must defend itself; Gilead downgraded; Micron beats earnings

Susannah Lee
BofA/Merrill Lynch must defend itself; Gilead downgraded; Micron beats earnings

Time for your daily dose of trending tickers, the stocks you're following based on your Yahoo Finance ticker searches.

Bank of America 

Bank of America (BAC) dropped as it prepares to defend itself in court. The bank's Merrill Lynch unit must face a class action shareholder suit for its role in the sale of jewelry retailer Zale to Signet Jewelers (SIG). Shares of Signet also drifted lower in the session. The suit accuses the investment bank of short-changing shareholders in the $690 million deal.

Gilead Sciences 

Gilead Sciences (GILD) slipped after a bearish call on Wall Street. The stock was downgraded at Morgan Stanley to "equal weight" from "overweight." The price target was set at $127 a share. That still gives an upside potential of about 35% from the last closing price. Analysts at Morgan Stanley think the world's largest biotech company lacks near-term catalysts.

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Micron Technology

Earnings results pushed Micron Technology (MU) to big gains. The chipmaker posted quarterly profit, 5 cents better than what the Street had expected at $0.37 a share. Revenue also beat forecasts. Micron's CEO D. Mark Durcan said he believes "that memory industry fundamentals remain favorable over the long term."