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Bank of America Corporation (BAC)

  • Jun. 21, 2013, 11:54 AM
    A check of the TBTFs finds Wells Fargo (WFC +0.9%) the only gainer amidst a floated report the Fed and FDIC are weighing a doubling in the "simple leverage ratio." Wells already exceeds the 6% proposed ratio, but presumably BofA (BAC -2.8%), JPMorgan (JPM -1.3%), Citigroup (C -4%), Goldman (GS -1.7%), and Morgan Stanley (MS -3.1%) would need to halt or pare back dividends and buybacks should the rule be implemented. The financial SPDR (XLF -1.4%).
  • May 6, 2013, 12:54 PM
    More on the BofA/MBIA settlement: Bank of America (BAC +4%) will pay MBIA's mortgage insurance arm about $1.6B plus some IOUs, bringing the total amount to $1.7B, reports the WSJ. Additionally, the bank will take about a 5% stake in the holding company, MBIA (MBI +41.9%). It's a win-win as MBIA Insurance gets a lifeline and BofA removes the potential of a far larger award at trial. Congrats to BTIG's Mark Palmer and keen bloggers like Christian Herzeca who recognized MBIA's legal "loss" last week as a big push for BofA to get this thing settled.
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  • May 6, 2013, 12:16 PM
    MBIA (MBI +40.7%) soars on a rumored settlement with Bank of America (BAC +3.2%) over mortgage putback issues. BofA will reportedly take a 5% stake in MBIA, paying $1.65B along with a $500M credit line.
  • Apr. 30, 2013, 11:54 AM
    MBIA (MBI -5.8%) investors are disappointed at not winning summary judgement in the case against Bank of America, but the ruling as a whole sends "a very strong message to BAC about how difficult it would be for it to win at trial," writes Mark Palmer. He still expects BofA to cut a deal either out of self-interest or after being forced to the table by regulators. MKM Partners agrees and maintains its Buy rating and $18 price target.
  • Apr. 29, 2013, 7:49 PM
    MBIA (MBI) sinks 5.5% AH after it fails to win summary judgement against Bank of America's (BAC) Countrywide unit in a lawsuit over whether the bank breached its obligations to repurchase loans. Attorney Christian Herzeca notes the judge found each point of law in MBIA's favor, but as "sufficient facts remain in dispute," a trial is necessary.
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  • Apr. 23, 2013, 8:13 AM
    Bank of America (BAC) gains 1.4% in premarket trade after an upgrade to Buy with $16 price target (from $13) at Morgan Stanley. The team expects BofA to deliver on significant expense cuts over coming quarters while significant litigation risk largely evaporates by 2013's end.
  • Apr. 18, 2013, 10:28 AM
    Bank of America's (BAC -3.8%) price target is bumped $0.50 to $12 by Nomura's Glenn Schorr, though he doesn't seem too excited about the stock. "The upside remains limited in the near term and the earnings ramp will be gradual (revenues aren't exactly booming." Scotiabank maintains BofA a Buy with $15 price target based on the bank's strong capital position. The two-day loss thus far is 8.3%.
  • Apr. 17, 2013, 9:21 AM
    Competition to book loans? Speaking on the earnings call, Bank of America (BAC) CFO Bruce Thompson says the bank is closing loans at wider spreads in Q1 than it was last quarter. Litigation costs were $900M, or $0.06/share in Q1 (vs. earnings of $0.20). The bank estimates (presentation slides) recent settlements bring to about 80% the resolution of all Countrywide-related claims. Shares -2.9% premarket.
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  • Apr. 17, 2013, 7:18 AM
    More on Bank of America (BAC) Q1 earnings: Basel Tier 1 Capital Ratio of 10.58%, up from 10.38% in Q4. Tangible book value/share of $13.46, up from $13.36 in Q4, $12.87 a year ago. Earnings call set for 8:30 ET. Shares now off 2.7% premarket. (PR)
  • Apr. 2, 2013, 11:50 AM
    Immunomedics (IMMU +1.2%) moves up today after saying it's reached a $16.7M settlement through securities watchdog FINRA with its former broker Bank of America (BAC). The settlement resolves allegations the drug company had made related to investments in auction rate securities, for which it accused BAML of making false representations or omissions.
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  • Mar. 14, 2013, 5:53 PM
    After-hours top gainers, as of 5:15 p.m.: MUX +4%. BAC +4%. DFS +3%. RRD +2%. MS +2%.
    After-hours top losers: GLDD -31%. ULTA -11%. MWA -9%. KKD -6%. ARO -6%.
  • Mar. 14, 2013, 5:14 PM
    After hours movers in the banks: JPM -2.5% and GS -2.1% after the two had their capital proposals approved but were asked to submit new plans "to address weakness in their capital planning processes." WFC +0.4%, BAC +3.8% after no dividend hike, but a whopping $10.5B in share repurchases and redemption of high-yielding preferreds. Morgan Stanley +0.9%. The XLF +0.1%.
  • Mar. 4, 2013, 1:11 PM
    MBIA (MBI +24%) soars after after a NY state judge denies Bank of America's (BAC) petition to overturn the insurer's 2009 restructuring. This ruling doesn't appear to affect a parallel suit between the two regarding putbacks.
  • Feb. 6, 2013, 9:29 AM
    MBIA (MBI) gains 6.7% after Judge Rakoff issues what may be a precedent-setting ruling in Assured Guaranty vs. Flagstar. The ruling - says a lawyer - puts to rest the main argument MBS originators like BofA and JPMorgan have put forth to counter insurers' claims their breaches of representations and warranties did not cause losses. BAC and JPM both down about 1% premarket.
  • Jan. 17, 2013, 7:01 AM
    Bank of America (BAC): Q4 EPS of $0.03 beats by $0.01. Revenue of $18.89B misses by $3.51B. Shares +2.1% premarket. (PR)
  • Jan. 7, 2013, 7:41 AM
    Bank of America (BAC) settles for about $10.3B with Fannie Mae over repurchase claims on $1.4T of mortgages. The bank will pay Fannie $3.6B in cash and repurchase for $6.75B certain mortgages. BofA expects to take a $2.7B charge in Q4. Shares +2.4% premarket. (PR)
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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.