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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
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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April 9, 2014
13:37 EDTBACBank of America ordered by CFPB to pay $727M for illegal credit card practices
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12:24 EDTBACBank of America to pay $800M in credit card settlement, WSJ says
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08:48 EDTBACHuntington Bancshares to acquire 11 branches in central, east Michigan
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07:41 EDTBACBofA unit, Allstate dismiss toxic mortgage debt suit, Reuters says
Allstate (ALL) and Bank of America's (BAC) Countrywide unit have agreed to end a lawsuit stemming from $700M of toxic mortgage debt, according to Reuters, citing a court filing. Reference Link
07:00 EDTBACBofA, Intel fire 3K workers, leaving Costa Rica shocked, Bloomberg says
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06:35 EDTBACRegulators increase leverage ratio requirement for large banks, NY Times says
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06:27 EDTBACBig banks must add capital to comply with new rules, WSJ reports
A of January 1, 2018, the U.S.'s eight largest banks -- including Citigroup (C), JPMorgan (JPM) and Goldman Sachs (GS) -- must add up to $68B in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal. The banks will be required to maintain well above the minimum levels of capital held against assets on their books. Banks must report the new levels next year. Reference Link
April 7, 2014
19:57 EDTBACFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement 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
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