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Bank of America Corporation (BAC)

  • 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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  • Apr. 23, 2012, 9:05 AM
    Premarket gainers: RDEA +51%. CEDC +20%. KERX +16%. AMLN +12%. PLX +5%.
    Losers: ACHN -14%. ING -7%. CHKP -6%. MT -5%. MT -5%. DB -5%. WMT -5%. AKS -4%. RIO -4%. FSLR -4%. BAC -4%. EPI -4%. TOT -3%. ERIC -3%. NG -3%. FCX -3%. TEF -3%. F -3%. CS -3%. MS -3%. X -3%. RVBD -3%. AMD -3%.
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  • Apr. 19, 2012, 10:05 AM
    ZeroHedge cuts through BofA's (BAC) "accountant fudge heaven" in its Q1s, which is apparently bamboozling even analysts, to declare that only three things matter: 1) The approaching refi cliff, in terms of tens of billions in maturities; 2) sliding sales and trading revenues; 3) reserve release gimmicks. Shares are -0.3% after being higher earlier.
  • Apr. 19, 2012, 7:37 AM
    Rallies in U.S. index futures and European shares are fizzling despite big earnings-related moves higher by BAC and MS. S&P 500 flat. Stoxx 50 -1%.
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  • Apr. 19, 2012, 7:18 AM
    More on Bank of America (BAC): Adjusted EPS is $0.31/share (DVA adjustment cut $0.28 from headline number). Provision for credit losses of $2.4B is off about $1.4B Y/Y. Net charge-off ratio drops to 1.8% from 2.61% one year ago. Tier 1 common equity ratio 10.78% vs. 11.32%, tangible book value $12.87 vs. $13.21 one year ago. Shares +5.3% premarket.
  • Apr. 19, 2012, 7:02 AM
    Bank of America (BAC): Q1 EPS of $0.03 may not be comparable wuth consensus of $0.11. Revenue of $22.5B (-10% Y/Y) misses by $500M. Shares +1.5% premarket. (PR)
  • Apr. 11, 2012, 9:29 AM
    Bank of America (BAC) +2.8% premarket after Guggenheim raises its stock rating to Buy from Neutral in the wake of the pullback in BofA shares after doubling between December and March. The firm forecasts as much as $0.20 in Q1 EPS, the high mark among analysts with consensus EPS at $0.12; mortgage banking will benefit from refinancing activity and dropping net charge-offs.
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  • 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, 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%.
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  • 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, 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.
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  • 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.
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  • 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.
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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.