Bank of America (NYSE:BAC) Chief Executive Officer Brian Moynihan said he plans to vote for U.S. Representative Barney Frank in November, praising the House Financial Services Committee chairman for balancing concerns of lenders and consumers. “He knows the issues that the industry is facing, he knows the issues consumers are facing and he has an amazing ability to see how those fit together,” Moynihan said in an interview yesterday on the New England Cable Network. “Barney more than any other person has figured out how to balance those two things.” –Bloomberg
Apple (NASDAQ:AAPL) said Tuesday it filed a lawsuit against Taiwan-based phone maker HTC Corp. for infringing on 20 Apple patents related to the iPhone. The lawsuit was filed concurrently with the U.S. International Trade Commission and in U.S. District Court in Delaware. -MarketWatch
CF Industries (NYSE:CF) launched a counter bid for Terra Industries (NYSE:TRA) of $47.40 a share, totaling $4.7 billion. The bid trumps an agreed bid from Yara International of $4.1 billion, although the latter is all cash, while the former is cash and stock. TRA jumped nearly 13% following the news, while CF sank nearly 8% before the bell. In other news, Qualcomm (NASDAQ:QCOM) said it is increasing its stock buyback to as much as $3 billion and hiking its dividend by 12%. Shares traded 3% higher ahead of the bell. –Daily Finance
Treasuries were lower Tuesday morning, as details surfaced about a potential effort by the Greek government to reduce its massive budget deficit. The Treasury market has generally been supported by a flight-to-quality bid in recent weeks as investors have fretted about fiscally ailing Greece’s ability to meet its debt obligations. The Greek government is expected on Wednesday to outline a new austerity package of around €4 billion ($5.43 billion), in an effort to cut its massive budget deficit by four percentage points. Those additional steps could help address concerns voiced by the European Union. –The Wall Street Journal
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