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Stock Market & Financial Investment News

News Breaks
May 6, 2013
15:35 EDTBAC, MBIBofA 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.
News For BAC;MBI From The Last 14 Days
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September 10, 2014
11:58 EDTBACBank of America sees modest improvement in charge-offs in Q3
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11:56 EDTBACBofA sees reducing branches to 5,000 by end of year
Bank of America sees consolidating some branches with Merrill offices. Comments made at Barclays conference.
11:48 EDTBACBank of America said to be planning job cuts next week, Bloomberg reports
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11:30 EDTBACBofA says most exposure on legacy mortgage issues 'in rear-view mirror'
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11:26 EDTBACBofA says credit quality trends continue to improve
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11:19 EDTBACBofA to continue execution of nonperforming loan sales
Bank of America sold $2.1B nonperforming loans in 2Q14; approximately $2B expected to be sold in 3Q14.
11:15 EDTBACBofA Basel 3 Common Equity Tier 1 Capital $137.2B as of June 30
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07:16 EDTBACRepublicans, Democrats both push for harder 'too big to fail' rules, WSJ says
Lawmakers from both the Republican and Democrat sides of the aisle urged U.S. regulators to push forward additional regulations to ensure the biggest banks aren't "too big to fail," said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:35 EDTBACFed may raise capital requirement for some banks to 11.5%, NY Times reports
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06:20 EDTBACBarclays hires BofA Merrill Lynch's Richard Casavechia, FT reports
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September 9, 2014
16:00 EDTBACiPath S&P 500 VIX Short-Term Futures up 74c to 28.25
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14:54 EDTBACApple announces Apple Pay
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09:36 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL KNDI NFLX YHOO TWTR TSLA C BAC FB MCD
06:33 EDTBACFed looks set to pressure large banks to shrink, NY Times says
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06:32 EDTBACFed to require large US banks to have extra financial padding, WSJ reports
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September 8, 2014
16:00 EDTBACOptions Update; September 8, 2014
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10:48 EDTBACBank of America upgraded as legal issues recede
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10:06 EDTBACOn The Fly: Analyst Upgrade Summary
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09:40 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TWTR TSLA YHOO BAC FB MSFT NFLX GILD MCD
05:40 EDTBACBank of America upgraded to Buy from Neutral at Goldman
Goldman Sachs upgraded its rating on Bank of America (BAC) shares to Buy citing the resolution of a lot of the bank's legal issues and the shift of its earnings mix towards higher growth businesses. Goldman raised its price target for shares to $19 from $17. Bank of America closed Friday down 9c to $16.02.
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