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Bank of America Corporation (BAC)

- NYSE
  • May. 7, 2009, 8:22 AM
    BoA's (BAC) Ken Lewis and top federal officials will reportedly be asked to testify in Congress next month regarding claims the government pressured BoA into completing its Merrill Lynch acquisition.
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  • May. 7, 2009, 7:39 AM
    The largest capital shortfall from the stress tests likely belongs to BoA (BAC) with around $34B, followed by Wells Fargo (WFC) with $13-15B, GMAC (GJM) with $11.5B, Citigroup (C) with $5B and Morgan Stanley (MS) with $1.5B. Premarket: BAC +9.6%, WFC +2.5%, C +9.6%, MS +1.8%.
    | 1 Comment
  • May. 6, 2009, 4:37 PM
    THQ (THQI): FQ4 EPS of -$0.54 misses by $0.20. Revenue of $170M vs. $149M. Expects year-end cash balance at least $50M higher next year. Secures $35M credit line with BofA (BAC). (PR)
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  • May. 6, 2009, 3:55 PM
    Sources say BlackRock (BLK), Franklin Resources (BEN) and Federated Investors (FII) have all submitted preliminary bids for Bank of America's (BAC) mutual fund unit, Columbia. Analysts say Columbia, which oversees $341B, could fetch north of $2B.
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  • May. 6, 2009, 10:07 AM
    Dow leaders: BAC +10.3%. DIS +9.8%. C +7.5%. AA +5.0%. GE +4.9%.
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  • May. 6, 2009, 9:27 AM
    If Bank of America (BAC) is really thinking of how it can repay TARP funds - because it's only $34B short - then maybe the bank's in some weird state of denial, Felix Salmon says. BAC +11% premarket.
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  • May. 6, 2009, 9:17 AM
    Futures get a boost from ADP's not-so-bad job numbers, and as investors realized reports of a huge Bank of America (BAC) fund shortfall may have been misunderstood. Coming up to the open, Dow +0.8% to 8447. S&P +0.75% to 910.50. Nasdaq +0.4%. Crude +2.8% to $55.35. Gold +0.7% to $910.
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  • May. 6, 2009, 9:00 AM
    Premarket gainers: APAC +38%. ARM +23%. CKSW +22%. ACOR +21%. CROX +17%. AIB +17%. CTIC +16%. SUMT +17%. FIG +14%. LNC +14%. BEE +13%. ABK +11%. DAN +11%. PLT +11%. BYD +11%. HOV +9%. SRZ +9%. GNW +10%. ANR +8%. DIS +7%. CLF +7%. KFN +7%. BZH +7%. BAC +7%. HBC +6%. FITB +6%. BRCD +6%. BX +6%. DRYS +6%. HIG +5%. WFC +5%. EXM +5%. HMY +5%. ALU +5%. MGM +5%. COF +5%. AU +5%. CRXL +5%. GFI +5%. GERN +5%.
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  • May. 6, 2009, 8:39 AM
    Reports of Bank of America (BAC) needing an additional $34B may not be as frightening as initially assumed, CNBC's Steve Liesman says. According to a report in the NY Times, the $34B cushion required is well below the $45B the bank has already received from the gov't, and "the bank will now start looking at ways of repaying the $11B difference over time." BAC, which was down more than 11%, is now +2.5% premarket.
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  • May. 6, 2009, 6:59 AM
    BoA's (BAC) capital shortfall is around $34B, sources say, possibly more than it can raise through asset sales or public share offerings. BoA may sell part of its stake in China Construction Bank immediately to raise around $8B, but could be left with no choice but to convert the government's preferred shares into common stock. Shares -11.2% premarket.
    | 2 Comments
  • May. 5, 2009, 9:51 AM
    After replicating the government's stress tests, FBR's Paul Miller says 11 of the 12 (BAC, WFC, C, PNC, USB, COF, STI, RF, BBT, FITB, KEY) commercial banks being examined will have to raise additional equity, with JPMorgan (JPM) the only exception. Earlier, Miller said 14 of the 19 firms being tested would need to raise capital, and warned markets may be underestimating the sums needed.
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  • May. 5, 2009, 9:13 AM
    S&P puts 23 regional and national banks on CreditWatch Negative, meaning a 50% chance their ratings will drop in the coming quarter. The group is seen as underperforming compared to peers. Here are the publicly-traded banks under watch: ASBC, AF, BBT, BAC, COF, C, CRBC, CMA, FITB, HBAC, KEY, MTB, PNC, RF, SUSQ, SNV, USB, WBS, WFC, WTNY, WL.
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  • May. 4, 2009, 9:42 AM
    Dow leaders: C +3.7%. AA +3.2%. BAC +3.0%. INTC +2.4%. JPM +2.2%.
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  • May. 4, 2009, 7:22 AM
    Like Citigroup (C), BoA (BAC) is working on a plan to raise over $10B in fresh capital. Execs will reportedly meet with regulators today to make the case that the stress test findings were too pessimistic.
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  • May. 1, 2009, 1:07 PM
    Stripped of his chairmanship, how long can Ken Lewis (BAC) last as CEO? (FT)
    | 2 Comments
  • May. 1, 2009, 9:39 AM
    Lawmakers will likely call for hearings on the involvement of the Treasury and Fed in BoA's (BAC) acquisition of Merrill Lynch.
    | 1 Comment
BAC vs. ETF Alternatives
Company Description
Bank of America Corporation is a bank holding and a financial holding company. Through its subsidiaries, it provides banking and non-banking financial services and products throughout the United States and in selected international markets.