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Bank of America Corporation (BAC)

  • Dec. 30, 2011, 7:55 PM
    Bottom five Dow losers of 2011: BAC -59%, AA -44%, HPQ -39%, JPM -21%, CSCO -10%. S&P losers: FSLR -75%, ANR -67%, NFLX -61%, BAC -59%, X -56%. Nasdaq losers: YRCWD -99%, TNCC -98%, ENER -95%, MOTR -95%, ROSG -95%.
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  • Dec. 30, 2011, 3:55 PM
    The year’s biggest stock market losers are going out in style. First Solar (FSLR), the S&P's worst performer this year - down 74% - is +2.8% today. Alpha Natural Resources (ANR) and Netflix (NFLX), second and third most pathetic, are +4.2% and +0.3%, respectively. Even Bank of America (BAC), the Dow's biggest dog, is +1.9%.
  • Dec. 30, 2011, 12:17 PM
    Bank of America (BAC -0.2%) employees are massively overpaid, asserts Rochdale's Dick Bove. After reviewing total compensation versus pretax earnings at the 23 companies he covers, BofA employees stood out, earning a whopping 38 times what the company itself brought in during that time period.
  • Dec. 30, 2011, 7:02 AM
    One week after paying a fine to make allegations go away that it discriminated against minority homeowners, Bank of America's (BAC) Countrywide unit is ordered to face another lawsuit as a federal judge reverses a lower court ruling. The suit stems from a Hispanic couple that contends they were pressured to refinance their home on terms they could neither understand nor afford.
  • Dec. 30, 2011, 2:53 AM
    Heading into the last trading day of 2011, BofA (BAC) looks set to be the DJIA's biggest loser of the year. Down 59% YTD, the bank has been beset by mortgage losses, new regulations, lack of confidence in management and the broader economic slowdown. In comparison, the DJIA is +6.1% YTD while the KBW Bank Index is -24%.
  • Dec. 28, 2011, 10:22 AM
    Financials (XLF -0.8%) slip in early trading, particularly large European banks such as Deutsche Bank (DB -3.2%) and Royal Bank of Scotland (RBS -2.7%). The news that European banks left record overnight deposits with the ECB indicates an unwillingness to lend to each other, overshadowing the successful Italian bond auctions. BAC -2.3%, C -1.4%.
  • Dec. 28, 2011, 2:51 AM
    A U.S. appeals court will review whether BofA's (BAC) $8.5B MBS settlement should be sent back to a New York state court for approval; some institutional investors want the case to stay in federal court where it will be easier to negotiate higher payouts. A ruling is expected within 60 days.
  • Dec. 27, 2011, 11:30 AM
    The collapse in Sears (SHLD -23%) is more bad news for Bruce Berkowitz's Fairholme Fund. Already off 32% YTD due to big holdings in financials like AIG, BAC, and C, the fund has 7.9% of its assets in Sears, a 15% stake in the company.
  • Dec. 27, 2011, 3:38 AM
    Lagging its peers in compliance with new capital rules, BofA (BAC) is reportedly considering additional asset sales. One analyst thinks the bank may need as much as an extra $45B in capital by 2019, but having notched $50B of asset sales since Jan. 2010, BofA may not have many big ticket items left.
  • Dec. 25, 2011, 1:21 PM
    The Boston Globe sits down to interview BofA's (BAC) Brian Moynihan, then blasts him by saying he hasn't met the bank's goals and his two-year tenure as CEO has been marked by slow progress. On Friday, Moynihan issued a letter to employees saying the lender has prepared for "whatever turbulent times may lie ahead."
  • Dec. 23, 2011, 3:09 PM
    Looking back 15 years, Citigroup finds it best to stick with winners entering a new year and stay away from the past year's dogs. Buying the dogs only seems to work well at major macro turning points - 2000, 2003, and 2009 being the only years when they outperformed, a cautionary idea to those who want to buy beaten-down financials just because they're cheap.
  • Dec. 21, 2011, 3:15 PM
    Bank of America (BAC +0.9%) gets a pop as its Countrywide unit reaches agreement with the DOJ to pay $335M to settle allegations it systematically discriminated against minority homeowners by pushing them into subprime rather than prime loans. (PR)
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  • Dec. 21, 2011, 3:00 PM
    Bank of America (BAC -0.3%) conducts yet another asset sale: Its FIA Card Services division is unloading a $700M credit-card loan portfolio to U.S. Bancorp's (USB +1.1%) Elan Financial unit. The move comes 6 months after FIA sold a $1B portfolio to Regions Financial (RF).
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  • Dec. 21, 2011, 12:15 PM
    While the popular narrative might be that bank lending is drying up, data for syndicated loans from Dealogic tells a different story: volume has roared 56% in 2011 to $1.76T in the U.S., the highest since 2007, while global volume has jumped 27% to $3.74T. JPMorgan (JPM) and BofA (BAC) have been the two biggest players.
  • Dec. 21, 2011, 7:48 AM
    BofA (BAC) is close to settling a DoJ probe into whether Countrywide violated fair-lending practices, Bloomberg reports. The speculation comes as the White House increases scrutiny on banks to prevent redlining - excluding borrowers in low-income or minority neighborhoods - and pricing discrimination.
  • Dec. 20, 2011, 11:56 AM
    Brian Moynihan (BAC) on why he sees another year that’s "a grind" in the economy: “Never have middle-market and large companies been as profitable, had as much cash on their balance sheets, had as much availability on their lines, but they haven’t done anything with the money. They don’t feel the certainty of opportunity to make big investments.”
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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.