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Stock Market & Financial Investment News

News Breaks
January 16, 2013
15:00 EDTBACEarnings Preview: Bank of America shares rallying ahead of earnings report
Bank of America (BAC) is scheduled to report Q4 earnings before the open on Thursday, January 17, with a conference call scheduled for 8:30 am ET. Bank of America is a bank that provides a wide array of financial services. EXPECTATIONS: Analysts are looking for EPS of 2c on revenue of $21.03B, according to First Call. The consensus range for EPS is 0c-5c on revenue of $18.22B-$23B. LAST QUARTER: Bank of America reported Q3 EPS of 0c against estimates for (7c), on revenue of $19.41B against estimates for $18.35B. The bank's Q3 results were negatively impacted by 28c per share of one-time items, it reported. Credit quality improved across most of its major portfolios, as the bank's provision for credit losses sank to $1.77B, down from $3.4B during the same period in 2011. The total client balances in its Global Wealth and Investment Management unit rose 3% over the prior quarter to $2.3T, However, the revenue from its Consumer and Business Banking unit fell $379M year-over-year to $1.3B and its consumer real estate services unit reported a net loss of $877M. The bank stated that it was focused on working to return cash to shareholders, as its balance sheet was strong. Last month, however, the bank's CEO, Brian Moynihan, said that it would have to generate consistent earnings before the Fed would enable it to return cash to shareholders. On January 7 Bank of America reached a settlement with Fannie Mae over soured mortgage-backed investments. Under the deal, Bank of America agreed to pay Fannie Mae $3.6B in cash and buy back $6.75B in loans that it sold to the government-backed institution. Also on January 7, Bank of America announced that it had agreed to sell $215B in mortgage servicing assets to Nationstar (NSM), and reached a settlement with federal authorities over improper foreclosure practices. STREET RESEARCH: Analysts' outlook on Bank of America has been mixed in recent weeks. Credit Suisse downgraded the stock to Neutral from Outperform on January 9, citing valuation. Meanwhile, RBC Capital increased its price target on the shares to $14 from $12 on January 8, as the firm believes the bank's settlement with Fannie Mae and its sale of $306B of mortgages will improve the consistency of its earnings. The firm maintained an Outperform rating on the stock. Analyst Meredith Whitney was very bullish on December 19, telling the Wall street Journal that the bank's stock represented a "big opportunity, now that the bank had gotten the "junk out of the trunk." PRICE ACTION: Over the past 12 months, Bank of America's stock has risen about 77%, and its momentum has continued over the last three months, with the shares up nearly 25% over that period.
News For BAC From The Last 14 Days
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August 26, 2015
09:33 EDTBACActive equity options trading on open
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August 25, 2015
16:49 EDTBACHSBC, others back Abengoa capital increase, Reuters says
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16:43 EDTBACOn The Fly: Top stock stories for Tuesday
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16:06 EDTBACOptions Update; August 25, 2015
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12:25 EDTBACBank of America upgraded to Buy at UBS
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12:22 EDTBACBank of America upgraded to Buy from Neutral at UBS
12:20 EDTBACOn The Fly: Top stock stories at midday
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11:12 EDTBACNumerous analysts upgrade Bank of America amid market rebound
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11:01 EDTBACStocks with call strike movement; MSFT BAC
Microsoft (MSFT) January 48 call option implied volatility decreased 9% to 28, Bank of America (BAC) December 18 call option implied volatility decreased 9% to 29 according to IVolatility.
09:59 EDTBACOn The Fly: Analyst Upgrade Summary
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09:13 EDTBACOn The Fly: Pre-market Movers
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07:03 EDTBACBank of America upgraded on valuation at Bernstein
As noted earlier, Bernstein upgraded Bank of America to Outperform from Market Perform. The firm upgraded the stock on valuation. The firm also thinks the company has several potential longer term catalysts, i.e. higher interest rates, improved operating leverage, and expanding capital return. The firm believes that the bank's strong capital levels and ability to cut costs can protect it from macro risks.
06:43 EDTBACBank of America upgraded to Neutral from Underperform at Macquarie
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06:11 EDTBACBank of America upgraded to Outperform on valuation at Baird
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06:04 EDTBACBank of America upgraded to Outperform from Market Perform at Bernstein
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August 24, 2015
16:00 EDTBACOptions Update; August 24, 2015
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09:45 EDTBACOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Bank of America (BAC) upgraded to Outperform from Market Perform at Keefe Bruyette... Bristol-Myers (BMY) upgraded to Neutral from Underweight at Piper Jaffray... Chevron (CVX) upgraded to Neutral from Underperform at BofA/Merrill... Abercrombie & Fitch (ANF) upgraded to Overweight from Neutral... Nike (NKE) upgraded to Outperform from Market Perform at Telsey Advisory... DreamWorks (DWA) upgraded to Buy from Neutral at B. Riley... Caesarstone (CSTE) upgraded to Overweight from Equal Weight at Barclays... TransAlta (TAC) upgraded to Outperform from Market Perform at BMO Capital... Sarepta (SRPT) upgraded to Overweight from Neutral at Piper Jaffray... AutoZone (AZO) upgraded to Buy from Neutral at BofA/Merrill... Royal Dutch Shell (RDS.A) upgraded to Buy from Hold at Jefferies... Allscripts (MDRX) upgraded to Buy from Hold at Argus... China Unicom (CHU) upgraded to Buy from Hold at Jefferies... Ross Stores (ROST) upgraded to Buy from Neutral at Buckingham.
09:36 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL FB BAC NFLX
07:19 EDTBACBank of America volatility at high end of range
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06:58 EDTBACBank of America upgraded to Outperform from Market Perform at Keefe Bruyette
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