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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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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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