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Stock Market & Financial Investment News

News Breaks
May 6, 2013
15:35 EDTMBI, BACBofA confirms settlement with MBIA, lowers Q1 EPS by 10c
Bank of America Corporation (BAC) confirmed a comprehensive settlement with MBIA Inc. (MBIA) to resolve all outstanding representations and warranties claims and all other claims between the parties. The agreement requires certain approvals of the New York State Department of Financial Services, which are expected to be received shortly, at which point the parties will execute the agreements and promptly close all contemplated transactions described below. As part of the settlement, Bank of America will pay MBIA approximately $1.6B in cash and remit to MBIA all of the outstanding MBIA 5.70% Senior Notes due 2034 that Bank of America acquired through a tender offer in December 2012. In addition, Bank of America will terminate all of its outstanding credit default swap protection agreements purchased from MBIA on commercial mortgage-backed securities, as well as terminate certain other trades in order to close out positions between the companies. MBIA will issue to Bank of America warrants to purchase 9.94M shares of MBIA common stock, or approximately 4.9% of its currently outstanding shares, at an exercise price of $9.59 per share. The warrants may be exercised at any time prior to May 2018. Also, Bank of America will provide a senior secured $500M credit facility to MBIA Insurance Corp. Bank of America will record $1.6B in additional pretax charges in the first quarter of 2013, of which $1.3B is related to the settlement and the remainder is related to other monolines. The after-tax effect of the additional charges will reduce the company's Q1 net income to $1.5B, or 10c per diluted common share, from the $2.6B, or 20c per diluted common share reported on April 17. As the settlement occurred prior to filing the company's Quarterly Report on Form 10-Q for the period ended March 31, generally accepted accounting principles require Bank of America to apply the additional charges to the financial results for the quarter ended March 31, the bank explained. The effect of these actions is expected to increase the company's estimated Tier 1 common capital ratio under Basel 3 as of March 31 by 10 basis points to 9.52%, reflecting the reduction in risk-weighted assets associated with the terminated CDS contracts, partially offset by the additional litigation expense. In addition, the company's tangible book value per common share at March 31 is $13.36 per share, 10c per share less than reported on April 17.
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April 16, 2014
10:11 EDTBACBank of America falls after results, levels to watch
Shares are trading near the session low at $15.82 following earnings. At that price next support is at $15.18. Resistance is at $16.20.
09:36 EDTBACActive equity options trading on open
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09:11 EDTBACBofA sees being in better position in Q2 compared to start of the year
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08:52 EDTBACBank of America still sees 'New BAC' quaterly savings of $2.0B by mid-2015
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07:11 EDTBACBank of America reports book value per share $20.75 at March 31
Tangible book value per share was $13.81 at March 31, compared to $13.79 at December 31, 2013 and $13.36 at March 31, 2013. Book value per share was $20.75 at March 31, compared to $20.71 at December 31, 2013 and $20.19 at March 31, 2013.
07:10 EDTBACBank of America estimates Basel 3 Standard common tier 1 capital ratio 9.3%
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07:07 EDTBACBank of America says Q1 earnings hurt by resolving more mortgage issues
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07:05 EDTBACBank of America reports Q1 provision for credit losses $1.01B
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07:03 EDTBACBank of America reports Q1 EPS ex-items 35c, consensus 27c
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April 15, 2014
15:25 EDTBACBank of America April 16 straddle priced for 3.3% move
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15:19 EDTBACNotable companies reporting before tomorrow's open
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13:06 EDTBACEarnings Preview: Analysts lukewarm on Bank of America into Q1 results
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12:01 EDTBACFirst Majestic announces $30M forward sale contract on lead production
First Majestic (AG) announced that it has entered into a $30M forward sale contract with Bank of America (BAC) Merrill Lynch on a portion of the company's future lead production. The company executed this forward sale contract for 15,911.3 metric tonnes of lead at a fixed price of $0.945 per pound for total proceeds of $30M. The contract term is valid from April to September 2017, with a six-month repayment holiday from April to September. The forward sale contract is financially settled from the sale of lead from any of First Majestic's operations and represents approximately 35% of the company's total estimated future lead production over this period. The purpose of this prepayment contract is to fund the Company's continuing expansion plans and for general working capital.
10:25 EDTBACBank of America reports March default rate 3.55% vs. 3.53% last month
Reports March delinquency rate 2.18% vs. 2.26% last month.
07:28 EDTBACBofA/Merrill's to hold a breakfast meeting
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April 14, 2014
16:00 EDTBACOptions Update; April 14, 2014
iPath S&P 500 VIX Short-Term Futures down 32c to 44.41. Option volume leaders: AAPL C GILD TSLA LNG NQ BAC ZNGA according to Track Data.
April 11, 2014
09:37 EDTBACActive equity options trading on open
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08:38 EDTBACBank of America April volatility elevated into Q1 and revenue growth outlook
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April 10, 2014
11:21 EDTBACBank of America falls to important support area, levels to watch
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06:35 EDTBACMobile banking presents opportunity and risks for banks, WSJ reports
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