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Top 3 Business Stories of the Day

Bank of America said it would suspend its $4 billion stock buyback program and the planned increase in its quarterly dividend after it miscalculated the treatment of certain structured notes related to its acquisition of Merrill Lynch in 2009. The company also said it would resubmit its 2014 capital plan to the Federal Reserve. Bank of America shares were down 2 percent at $15.62 before the bell. Toyota announced a massive move of most of its North American headquarters operations to Plano, Texas, from California, characterizing it as nothing less than a massive strategic gambit aimed at reshaping the organization to compete more effectively in the U.S. market for decades to come. Wall Street was set for a higher open on Monday, rebounding from a decline in the previous session, amid merger and acquisition activity in the pharmaceuticals sector. U.S. drugmaker Pfizer is working on its next move in a potential $100 billion bid to take over Britain's AstraZeneca Plc after two earlier bids were rejected. Pfizer made a $98.9 billion bid to AstraZeneca in January and said it had contacted its British rival again on April 26 to further discuss a takeover, which would be one of the biggest ever in the pharmaceuticals industry.

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