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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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February 4, 2016
10:01 EDTBACActive puts: SPY QQQ EEM PFE
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09:36 EDTBACActive equity options trading on open: AAPL FB GPRO AA NFLX BAC TWC YHOO PG
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06:58 EDTBACFed official supports tougher bank stress tests, Reuters reports
Boston Fed president Eric Rosengren said that he supports tougher stress tests for "too big to fail" banks, including larger capital investments that would make them "even more binding," Reuters reports. Rosengren said that stress test changes have reduced the likelihood that systemically important financial firms would fail, the report says. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:51 EDTBACBofA doesn't deserve to be in 'stock market doghouse,' WSJ says
Bank of America (BAC) is currently in the "stock market doghouse," but doesn't deserve to be, David Reilly of the Wall Street Journal's Ahead of the Tape says. The overall beating of U.S. bank stocks has come amid the greater market selloff, reflecting the fact that slowing growth has brought doubt on the Fed's ability to raise rates in March, Reilly says. Since a rate increase is a far-off prospect, investors have little reason to own bank stocks, though Bank of America's valuation assumes "too dire an outcome," the report says. Banks with international outreach, such as Citi (C), are still arguably further behind in post-crisis cleanup, but Bank of America is more focused on the domestic U.S. economy and prices a U.S. recession as a given, not a possibility, the report says. Other large U.S. banks include Wells Fargo (WFC), JPMorgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB), BB&T (BBT), PNC Financial (PNC), and SunTrust (STI). Reference Link
February 3, 2016
16:00 EDTBACOptions Update; February 3, 2016
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13:16 EDTBACBank of America calls active as shares trade near three-year low
Bank of America January 15 and 17 calls are active on total call volume of 321K contracts (161K puts). February call option implied volatility is a 45, March is at 42, May is at 34, January is at 33; compared to its 52-week range of 16 to 45. Active call volume suggest traders taking positions for upside price movement.
10:18 EDTBACActive calls: USO IWM SPY BAC AAPL
Active calls: USO 2/19/16 10, IWM 2/12/16 100, BAC 3/18/16 16, SPY 2/5/16 191, AAPL 2/5/16 95.50
February 2, 2016
09:36 EDTBACActive equity options trading on open
Active equity options trading on open: FB AAPL BAC GOOGL NFLX GOOG XOM TWTR LVS
February 1, 2016
16:01 EDTBACOptions Update; February 1, 2016
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10:51 EDTBACActive calls; INTC CVS TWTR APC BAC
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09:36 EDTBACActive equity options trading on open
Active equity options trading on open: BAC AAPL FB AMZN TWTR MGM MCD NFLX GILD INTC TSLA AA BABA C
January 31, 2016
20:43 EDTBACOn The Fly: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Coca-Cola (KO) announced a minority stake in diary and juice company Chi, with plans to take full ownership within three years. 2. Billionaire investor Nelson Peltz is considering taking an activist position in Time Warner (TWX), the New York Post reported. 3. Toyota (TM) could temporarily halt domestic production after an explosion at a key supplier curbed its supply of steel, Reuters said. 4. Investigations into Herbalife (HLF), as well as investigations into Bill Ackman himself, have fizzled and criminal charges look unlikely, the Wall Street Journal revealed. 5. Virtu Financial (VIRT) and Ctrip (CTRP) were discussed positively by Barron's this week, as well as "tech bargains" Autodesk (ADSK), Akamai (AKAM), Western Digital (WDC), SanDisk (SNDK) and Lam Research (LRCX) and attractive banking stocks Citi (C), JPMorgan (JPM), Bank of America (BAC) and Wells Fargo (WFC).
12:33 EDTBACU.S. banks could return 20% or more, Barron's says
The banking sector looks like "one of the best bargains in the market," Barron's contends in a cover story. Names such as Citi (C), JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), BB&T (BBT), PNC Financial (PNC), SunTrust (STI) and U.S. Bancorp (USB) are showing healthy balance sheets and could offer "at least" 20% upside, the publication argues, adding that the industry's exposure to the energy sector "looks manageable" given information offered in recent earnings reports and conference calls. Reference Link
January 29, 2016
16:00 EDTBACOptions Update; January 29, 2016
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10:05 EDTBACOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Atlassian (TEAM) upgraded on positive outlook at JMP Securities... BRF S.A. (BRFS) upgraded to Buy from Hold at Deutsche Bank... Bank of America (BAC) upgraded to Outperform from Sell at CLSA... CEMEX (CX) upgraded to Buy from Hold at Jefferies... Chemical Financial (CHFC) upgraded to Outperform from Market Perform at Fig Partners... Computer Programs (CPSI) upgraded to Buy from Hold at Topeka... DST Systems (DST) upgraded to Outperform at Baird... Diamond Offshore (DO) upgraded to Neutral from Sell at Citi... First Cash Financial (FCFS) upgraded to Buy from Neutral at Janney Capital... First Merchants (FRME) upgraded to Overweight from Equal Weight at Stephens... Flex (FLEX) upgraded on solid results at Stifel... Intercept (ICPT) upgraded to Equal Weight from Underweight at Morgan Stanley... J.C. Penney (JCP) upgraded to Neutral from Underperform at Credit Suisse... JetBlue (JBLU) upgraded to Buy from Hold at Evercore ISI... Juniper (JNPR) upgraded to Outperform from Market Perform at Bernstein... Live Oak Bancshares (LOB) upgraded to Buy from Neutral at SunTrust... Microsemi (MSCC) upgraded to Outperform from Market Perform at Wells Fargo... NetSuite (N) upgraded to Buy from Hold at Canaccord... NextEra Energy (NEE) upgraded to Outperform at Baird... Oshkosh (OSK) upgraded to Buy from Neutral at SunTrust... PC Connection (PCCC) upgraded to Market Perform from Underperform at Raymond James... Pinnacle Financial (PNFP) upgraded to Overweight from Equal Weight at Stephens... Potash (POT) upgraded to Outperform from Sector Perform at Scotiabank... Rayonier (RYN) upgraded on valuation at BMO Capital... SanDisk (SNDK) upgraded to Buy from Hold at Needham... Select Comfort (SCSS) upgraded to Outperform from Neutral at Wedbush... Sotherly Hotels (SOHO) upgraded to Buy from Neutral at Janney Capital... Textura (TXTR) upgraded to Outperform from Market Perform at Northland... Valley National (VLY) upgraded to Buy from Hold at Sandler O'Neill.
08:21 EDTBAC, BACBank of America upgraded to Outperform from Sell at CLSA
CLSA analyst Mike Mayo upgraded Bank of America two notches to Outperform from Sell and increased his price target to $16 from $15 on shares. Mayo is more positive on large U.S. banks, saying their stocks are at "recession prices" without a recession, and said Bank of America is more resilient and could grow book value even in a recession. The analyst, who thinks BofA's book value is relatively clean, said the stock could become event-driven, given "lousy efficiency" and a valuation 20% below estimated Q4 tangible book value.
07:31 EDTBACBank, financial stocks look cheap, says Oppenheimer
After an index of bank stocks fell 19% since last summer, versus an 8% decline for the S&P, Oppenheimer says that "the group looks cheap." The firm says that banks' balance sheets will remain strong whether the economy is resilient or enters a downturn. The firm says that the banks' Q4 results were stable, and it expects the group to benefit from steady loan growth and slightly rising NIMs in 2016. Oppenheimer continues to recommend Bank of America (BAC), Citi (C), Goldman Sachs (GS), Discover (DFS), and Fifth Third (FITB)
January 28, 2016
18:19 EDTBACBank of America, Wells Fargo to integrate Apple Pay in ATMs, TechCrunch says
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16:00 EDTBACOptions Update; January 28, 2016
iPath S&P 500 VIX Short-Term Futures down 84c to 25.21 Option volume leaders: FB AAPL MSFT AMZN NFLX BAC BABA QCOM AAL MU C RIG
06:50 EDTBACBank of America loads up heavily on blockchain patents, CNBC reports
Bank of America is attempting to steal a march on the latest developments in the technology behind bitcoin by going big on blockchain-related patents, CNBC reports. Blockchain operates as a large, decentralized ledger for bitcoin which records each transaction and stores this information on a global network, the report notes. Bank of America is trying to patent some of the use cases of blockchain, having filed for 15 patents related to blockchain and is currently drafting an additional 20 to submit to the U.S. PTO, the report says. Reference Link
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