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Bank of America Corporation (BAC)

  • Mar. 21, 2012, 10:23 AM
    Bank of America (BAC +0.8%) will sell its Irish consumer credit card unit to Apollo Global (APO), the latest business unit sale by a shrinking BofA. The bank still plans to work with corporate clients on credit cards around the globe, but doesn’t think the international business, which was acquired when it bought credit card giant MBNA, is worth continuing.
    | Mar. 21, 2012, 10:23 AM | 1 Comment
  • Mar. 20, 2012, 2:19 PM
    Despite Bank of America's (BAC +3.2%) latest denial of any capital-raising plans, WSJ's David Reilly thinks Brian Moynihan will need to consider taking advantage of BofA's recent share-price strength. "As painful as dilution is, the bank would still be highly geared to a U.S. economic recovery... a stronger balance sheet could actually put more wind under the stock's wings."
    | Mar. 20, 2012, 2:19 PM | 6 Comments
  • Mar. 20, 2012, 11:37 AM
    The financial sector (XLF +0.2%) is the only positive performer in morning trade, coming after Jefferies (JEF +1.6%) reported better-than-expected fixed income and investment banking revenue in its FQ1. Bank of America (BAC +3.2%) led the group after it denied a rumor that it would issue shares in a secondary offering. Also: GS +2.3%, MS +2.1%, C +1.6%.
    | Mar. 20, 2012, 11:37 AM | Comment!
  • Mar. 19, 2012, 5:12 PM
    Bank of America (BAC) +2.1% AH after issuing a denial that it has any plans to issue shares, contrasting a market rumor that sent shares sliding late in the day. BofA did sell debt today, which the bank is likely to do as a way of financing activity, but a debt sale is far different than a share sale.
    | Mar. 19, 2012, 5:12 PM | 2 Comments
  • Mar. 19, 2012, 4:41 PM
    After hitting levels not seen since August thanks to a bullish Morgan Stanley note, Bank of America (BAC -2.8%) sold off into the close. Rumors about a new secondary offering appear to have been a culprit, though the Street's skepticism about the sustainability of BofA's recent rally may have made a selloff overdue.
    | Mar. 19, 2012, 4:41 PM | 1 Comment
  • Mar. 19, 2012, 10:58 AM
    Bank of America (BAC +2.6%), whose shares have now more than doubled from their Dec. 19 low, continues to power higher amid positive comments from Morgan Stanley. The firm raises earnings estimates and price targets for BofA, as well as C +3.3%, GS +1.5% and JPM +0.8%, citing stronger consumer credit among the reasons.
    | Mar. 19, 2012, 10:58 AM | Comment!
  • Mar. 16, 2012, 7:24 PM
    The Fed says it made an error in its stress test of Citigroup (C) that led it to overstate a crucial measurement of losses on the bank’s mortgages. Smaller corrections were issued for BAC, WFC and MET, but the fixes did not change capital ratios projected by the stress tests.
    | Mar. 16, 2012, 7:24 PM | Comment!
  • Mar. 15, 2012, 6:20 PM
    Matt Taibbi serves up his newest can of vitriol for "too crooked to fail" Bank of America (BAC), "not bankers or capitalists, but a class of person that was never supposed to exist in America: royalty." BofA has defrauded everyone from investors and insurers to homeowners and the unemployed, Taibbi alleges, so why does the government keep bailing it out?
    | Mar. 15, 2012, 6:20 PM | 23 Comments
  • Mar. 14, 2012, 10:48 AM
    Citigroup's (C -3.2%) stress test failure may not be such a big fail as headlines suggest, some analysts say. DealBreaker's Matt Levine says it isn’t a failure of Citi’s current balance sheet, it’s a failure of the capital plans submitted to the Fed. Nomura notes Citi’s minimum stressed T1C ratio was a healthy 5.9% before proposed capital actions, vs. 5.7% for BAC and 6.3% for JPM.
    | Mar. 14, 2012, 10:48 AM | 2 Comments
  • Mar. 14, 2012, 9:49 AM
    A big day yesterday for bank stocks isn't the end, says Dick Bove, calling for another 25% gain in the sector before year's end. The test "forced people to start looking at (positive) fundamentals and recognize that this industry for the last year has been doing extraordinarily well."
    | Mar. 14, 2012, 9:49 AM | 6 Comments
  • Mar. 13, 2012, 4:10 PM
    Market recap: Stocks exploded higher after JPMorgan announced a dividend hike and buyback, likely the start of a chain reaction among banks as the Fed serves up stress test results. It was a nice day to own financials: JPM +7.3%, C +6.3%, BAC +6.3%, WFC +5.8%. Treasurys extended losses, pushing long-term yields to their highest since October. NYSE gainers led losers more than three to one.
    | Mar. 13, 2012, 4:10 PM | 2 Comments
  • Mar. 13, 2012, 3:31 PM
    Bank of America (BAC +4.6%) has passed the Fed's stress test as well, say sources, but has not requested to do a buyback or increase its dividend, reports the WSJ. (earlier)
    | Mar. 13, 2012, 3:31 PM | 10 Comments
  • Mar. 13, 2012, 3:27 PM
    Other bank stocks react to JPMorgan (JPM) receiving Fed permission to return capital to shareholders: C +6.4%, BAC +4.6%, WFC +4.9%, MS +4.5%, GS +6.2%. Financials ETF: XLF +3.6%.
    | Mar. 13, 2012, 3:27 PM | 2 Comments
  • Mar. 12, 2012, 11:39 AM
    Investors should look for winners among S&P 500 IT and consumer discretionary stocks with high “idiosyncratic risk," since it's a better predictor of stock performance vs. correlation or dispersion analysis, Goldman Sachs says. These nine stocks have high IR and could outperform: BAC, CCL, CF, GOOG, LO, ROK, SUN, THC, WFM.
    | Mar. 12, 2012, 11:39 AM | Comment!
  • Mar. 12, 2012, 8:10 AM
    U.S. government officials reportedly will file the final version of the $25B mortgage servicing settlement in court today. An oft-discussed filing for late last week came and went Friday, as a disagreement between the state of Nevada and Bank of America (BAC) held up the deal at the last minute; the two sides wound up settling as part of a separate suit.
    | Mar. 12, 2012, 8:10 AM | 1 Comment
  • Mar. 9, 2012, 5:06 AM
    Bank of America (BAC) has reportedly struck a side deal with the government over foreclosures that will allow the bank to reduce its penalties in exchange for bigger reductions of mortgage balances. According to the WSJ report, BofA will avoid as much as $850M in penalties by giving over 200K borrowers the chance to sharply reduce their mortgage balances.
    | Mar. 9, 2012, 5:06 AM | 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.