News Breaks |
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| January 16, 2013 |
| 15:00 EDT |  | BAC | Earnings 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. |
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News For BAC From The Last 14 Days Check below for free stories on BAC the last two weeks. |
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| June 19, 2013 |
| 15:05 EDT |  | BAC | Bernanke says largest banks at or near compliant to Basel III rules
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| June 18, 2013 |
| 07:29 EDT |  | BAC | Securities Industry and Financial Markets Association to host a conference
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| June 17, 2013 |
| 10:22 EDT | | BAC | Bank of America reports May card write-offs 4.03% vs. 4.55% last month
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| 07:13 EDT |  | BAC | Bank profits seen hurt by rising rates with no growth, Bloomberg reports
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| 06:14 EDT | | BAC | On the Fly: Periodicals Wrap-Up
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| June 13, 2013 |
| 16:00 EDT |  | BAC | Options Update; June 13, 2013
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| June 12, 2013 |
| 08:49 EDT | | BAC | Babcock & Wilcox names Mark Carano Chief Corporate Development Officer
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| 06:41 EDT | | BAC | Firm says JPMorgan was top investment bank in Q1, Reuters reports
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| 06:04 EDT | | BAC | Coty to price its IPO later today, WSJ reports
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| 05:58 EDT | | BAC | Some major banks get two year delay on swap rule, WSJ reports
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| June 11, 2013 |
| 18:35 EDT | | BAC | Banks given extension to spin off swaps units, WSJ reports
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| 16:00 EDT | | BAC | Options Update; June 11, 2013
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| 07:33 EDT | | BAC | Bank of America may still put Countrywide into bankruptcy, Reuters reports
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| 07:30 EDT | | BAC | Morgan Stanley to host a conference
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| June 10, 2013 |
| 16:21 EDT | | BAC | Fifth Third Bancorp names Frank Forrest as Chief Risk and Credit Officer
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| 11:52 EDT | | BAC | Telefonica seeks bids for Irish unit during June, Bloomberg says
Telefonica (TEF) is said to be seeking offers for its Irish unit, 02, within this month, reported Bloomberg, citing two people with information on the matter. The sale process is being run by Bank of America (BAC) and Hutchison Whampoa, Eircom Group and Liberty Global’s (LBTYA) UPC Ireland were among those that received sale information, one source said. Reference Link |
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| 10:00 EDT | | BAC | Bank of America Merrill Lynch expands transaction services in Canada
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| June 7, 2013 |
| 10:11 EDT |  | BAC | On The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ARM Holdings (ARMH) initiated with a Hold at Topeka... American Software (AMSWA) initiated with a Buy at B. Riley... Amkor Technology (AMKR) initiated with a Buy at Topeka... Applied Micro Circuits (AMCC) initiated with a Hold at Topeka... Bank of America (BAC) initiated with an Underperform at Macquarie... Boulder Brands (BDBD) initiated with an Outperform at Imperial Capital... Broadcom (BRCM) initiated with a Buy at Topeka... Cadence Design (CDNS) initiated with a Buy at Topeka... Citigroup (C) initiated with an Outperform at Macquarie... Consolidated Water (CWCO) initiated with a Buy at Roth Capital... Cornerstone OnDemand (CSOD) initiated with an Equal Weight at Stephens... Crosstex Energy LP (XTEX) initiated with a Buy at Citigroup... Demandware (DWRE) initiated with an Overweight at Stephens... Freescale (FSL) initiated with a Buy at Topeka... Garmin (GRMN) initiated with an Outperform at Raymond James... Goldman Sachs (GS) coverage resumed with a Neutral at Macquarie... Mellanox (MLNX) initiated with a Hold at Topeka... Morgan Stanley (MS) initiated with an Outperform at Macquarie... Myriad Genetics (MYGN) initiated with a Buy at Cantor... NXP Semiconductors (NXPI) initiated with a Buy at Topeka... Piedmont Natural Gas (PNY) initiated with a Hold at BB&T... Platinum Group (PLG) initiated with an Outperform at BMO Capital... Qualcomm (QCOM) initiated with a Hold at Topeka... Rambus (RMBS) initiated with a Buy at Topeka... Spreadtrum (SPRD) initiated with a Buy at Topeka... Steven Madden (SHOO) initiated with an Overweight at Piper Jaffray... Take-Two (TTWO) initiated with a Buy at Stifel... Wolverine World Wide (WWW) initiated with a Neutral at Piper Jaffray. |
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| 08:17 EDT | | BAC | PIMCO supports BofA's $8.5B mortgage settledment, Bloomberg reports
Bank of America's (BAC) $8.5B mortgage-bond settlement is “outstanding” for investors, says Kent Smith, an executive VP at Pimco who helped negotiate the agreement, and who testified in a trial over the agreement, reports Bloomberg. The settlement was reached after an investor group that included Pimco and BlackRock (BLK) at first demanded $12B. The accord resolves claims from Countrywide Financial mortgage-bond investors over loans bundled into securities. AIG (AIG) is fighting the settlement, saying Bank of America isn’t paying enough to compensate investors. Reference Link |
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| 06:43 EDT | | BAC | Bank of America initiated with an Underperform at Macquarie
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