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Bank of America Corporation (BAC)

  • Dec. 14, 2012, 9:31 AM
    Yesterday's hope (which sent MBI shares higher) a settlement was close between Bank of America (BAC) and MBIA looks dead as BofA completes its purchase of the some of the insurer's debt and promptly issues a default notice. MBI -2.7% early. (PR)
  • Dec. 13, 2012, 2:56 PM
    Recent maneuvers by Bank of America (BAC) could mean a settlement of its legal disputes with MBIA (MBI +6.5%) is coming in early 2013, writes CreditSights. It's likely both issues - MBIA's claims BofA owes it billions over bad mortgages, and BofA's claim MBIA owes it billions over CDS - would be part of a comprehensive deal.
  • Dec. 11, 2012, 10:42 AM
    Bank of America (BAC +0.8%) receives constructive comments from JPMorgan, which says to expect a number of upside earnings estimate revisions. The bank, says JPM, is best positioned for a housing recovery and higher dividends and buybacks. Also filling the sails will be cost cuts and a growing loan book.
  • Dec. 5, 2012, 9:44 AM
    Bank of America (BAC +2.2%) takes out a new 52-week high, rising on back of the Citigroup's plan to cut 11K jobs. Citi will take a $1B charge in Q4, but save more than $2B over two years - a pretty nice return on investment. The XLF +0.7%.
  • Nov. 26, 2012, 9:28 AM
    MBIA (MBI) successfully completes a consent solicitation allowing amendments to its debt. Bank of America (BAC) had attempted to thwart the move, which effectively separates MBIA Insurance - the struggling unit which wrote insurance on subprime mortgages - from the healthy municipal insurance business, National Public Finance. Shares +7% premarket. (PR)
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  • Nov. 14, 2012, 8:09 AM
    The sell-off in MBIA (MBI) is likely overdone, suggests BTIG, as Bank of America's (BAC) tender suggets a power play to mask the bank's own vulnerability. The analysts believe MBIA's deep-pocketed friends could band together to top BofA's offer. MBI -2.1% premarket after plunging 19% on the news yesterday.
  • Oct. 17, 2012, 3:35 PM
    Financials (XLF +1.2%) lead today's sectors and extend their lead as 2012's top performer, now up 25% YTD and 33% over the past 12 months. While investors struggle to gain clarity on BofA's (BAC -0.1%) prospects, M&T Bank (MTB +5.6%) and BNY Mellon (BK +5.2%) rank among the day’s big gainers after both reported strong quarters. C +3%, GS +1%, JPM +1.2%.
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  • Oct. 17, 2012, 7:22 AM
    More on Bank of America (BAC): Net income of $340M negatively impacted by $1.9B debt valuation adjustment and $1.6B in litigation expense. As for operations: Mortgage production +13% Q/Q - with 83% of volume refinances - yet the real estate division still posted a $877M loss thanks to the cost of managing its portfolio of bad loans. Company booked a $2.3B release from loan loss reserves. Shares little-changed. (PR)
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  • Aug. 9, 2012, 2:50 PM
    MBIA (MBI +16.2%) continues to add to gains following this morning's earnings call in which CEO Joe Brown vowed to fight BofA (BAC) "all the way." Damages to MBIA from unpaid mortgage putbacks are nearly $5B, Brown contends.
  • Jul. 19, 2012, 1:03 PM
    The 30 bp decline in Bank of America's (BAC) net interest margin represents $1.27B in lost quarterly earnings power, says Josh Steiner, a "hit (that) is recurring, not one time." This deterioration in bank's underlying business may help explain the sharp decline in the stock (-4% today,  -4.8% yesterday) despite a headline beat on earnings thanks to a large reserve release.
  • Jul. 18, 2012, 2:42 PM
    A nice in move higher in the broad averages leaves the big banks behind. Hit particularly hard is Bank of America (BAC -4.4%), which delivered a nice headline number, but the particulars of its underlying business (and future liabilities) leave less to be excited about. Reporting tomorrow is Morgan Stanley (MS -2.7%)
  • Jul. 18, 2012, 10:03 AM
    BofA (BAC) conference call: One motif is the confusion of analysts who can't seem to decipher the bank's earnings. CFO Bruce Thompson blames the decline in both consumer and business loans to runoff in real estate. Total headcount is off 4% Y/Y, but down 8% if new hires in delinquent mortgage servicing are backed out. The company confirms it is being questioned by regulators over Libor. Shares -1.7%.
  • Jul. 18, 2012, 8:50 AM
    More on Bank of America (BAC): The company reports a $6.6B surge to $22.7B in Outstanding Claims by Counterparty, yet just a $15.9B liability against this, meaning the bank could be underreserved by $6.8B. Previous quarters show these reserves greater than Outstanding Claims (see pg. 16 of the Earnings Presentation). Conference call here. Shares give up premarket gains, -0.1%.
  • Jun. 28, 2012, 6:25 AM
    It's setting up to be a bad morning for financials. Barclays (BCS) -8.6% premarket as pressure grows for Diamond to quit, and JPMorgan (JPM) -5.2% on reports its trading loss could hit $9B. Perhaps in sympathy, other financial names are also dropping, outpacing the pullback by S&P futures: BAC -1.5%, MS -1.15%, C -1%, WFC -1%.
  • Jun. 21, 2012, 5:29 PM
    More on the Moody's banking downgrades: A three-notch cut for CS. Two-notch rating cuts for JPM, C, MS, GS; just one notch for BAC. After hours: MS +3.7%; JPM +1%; BAC +1%; C +0.6%. (full statement)
  • Jun. 21, 2012, 3:09 PM
    Navistar International (NAV -7%) recently interviewed financial advisors including Credit Suisse (CS -3.5%), JPMorgan (JPM -2%), and Bank of America Merrill Lynch (BAC -3.3%) for defensive advice. One source says that it's unlikely the company is looking to sell, but appears to be mulling a number of options to deal with defensive tactics against opportunistic moves by third parties to acquire the company.
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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.