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Bank of America Corporation (BAC)

  • 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)
  • Jan. 4, 2013, 3:07 PM
    MBIA (MBI) soars 13.8% amid chatter of an imminent settlement with Bank of America (BAC). Update at 3:20 ET: There's no new developments in the case, reports The Street's Dan Freed after speaking with a source close to the legal proceedings.
  • Jan. 2, 2013, 7:39 AM
    Bank of America (BAC) makes it onto Evercore's Conviction Buy list as the firm's top large-cap bank pick. Shares +3.6% premarket, rising above $12 each for the first time in 19 months.
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  • Dec. 17, 2012, 6:50 PM
    Financials add to the regular session's big gains as Meredeth Whitney gets bullish on the sector, particularly Bank of America, Citigroup, and Discover. The catalyst for the group will be the March release of the Fed's stress tests showing them adequately capitalized, paving the way for more share repurchases and dividend bumps. BAC +2.1%, C +0.5%, DFS +2.3%, XLF +0.4% AH.
  • Dec. 17, 2012, 5:36 PM
    After-hours top gainers, as of 5:15 p.m.: DFS +2.4%. TWO +2.3%. BAC +2.1%. UNIS +1.8%. RF +1.1%
    After-hours top losers: PHG -6%. RAS -5.5%. RMTI -3.4%. NWY -2.8%. UVXY -1.8%.
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  • 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.
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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.