Results tagged “BAC” from MarketMinute.com Stock News

Although Bank of America Corp. (NYSE: BAC) reported higher second quarter earnings that topped analyst expectations, revenue fell sparking concerns about future profitability. Shares of the bank dropped $1.41 to close at $13.98.

A proposal in the Wall Street reform bill that may force banks to spin-off their over the counter derivatives trading business sent shares of Bank of America Corp. (NYSE: BAC) down 19 cents to close at $15.41, JP Morgan Chase & Co. (NYSE: JPM) down 76 cents to close at $37.33 and Wells Fargo & Co. (NYSE: WFC) down 44 cents to close at $27.40.

Shares of Bank of America Corp. (NYSE: BAC) rose 69 cents to close at $15.99, Citigroup (NYSE: C) added 12 cents to $3.75 and Wells Fargo & Co. (NYSE: WFC) gained $1.42 to close at $30.11 after passage of the Senate banking reform bill provided certainty for investors to make informed decisions.

 

Shares of mortgage insurers PMI Group Inc. (NYSE: PMI) surged 85 cents to close at $4.49, Radian Group Inc. (NYSE: RDN) soared $2.63 to close at $14.52 and MGIC Investment Corp. (NYSE: MTG) gained 57 cents to close at $9.50 after Bank of America Corp. (NYSE: BAC) announced a new program that will lower the principal on underwater home loans. Bank of America stock rose 44 cents to close at $17.57.

 

Shares of Bank of America Corp. (NYSE: BAC) fell $1.02 to close at $15.47, JP Morgan Chase & Co. (NYSE: JPM) dropped $2.86 to close at $40.54 and Citigroup Inc. (NYSE: C) lost 19 cents to close at $3.27 over the possibility of increased banking regulations.

Bank of America Corp. (NYSE: BAC) announced that it will repay the entire $45 billion it received from the government bailout sending the stock price up 48 cents to $16.14.

 

Ameriprise Financial Inc. (NYSE: AMP) offered to pay about $1 billion in cash to acquire Columbia Management, the long-term asset management operations from Bank of America (NYSE: BAC). Shares of Ameriprise leaped $3.99 to close at $36.33 while Bank of America stock eased 24 cents to close at $16.92.

 

Fox-Pitt Kelton analyst Andrew Marquardt cut his rating on Bank of America (NYSE: BAC) sending shares of the bank down 65 cents to close at $12.24.

Bank of America Corp. (NYSE: BAC) reported a sizable quarterly profit, but warned of continued weakness in its credit portfolio. The stock price eased 29 cents to $12.88.

 

Bloomberg.com reported that Bank of America Corp.'s (NYSE: BAC) bad loans will increase 10% in the second quarter to approximately $7.6 billion. The stock price slipped 51 cents to $12.13.

Goldman Sachs analyst Richard Ramsden upgraded Bank of America Corp. (NYSE: BAC) to a Buy rating sending shares of the bank up $1.06 to close at $11.73.

 

Bank of America Corp. (NYSE: BAC) posted profits of 44 cents per share compared with 23 cents per share last year that beat expectations as revenues from its recently acquired Lehman Brothers operations contributed to first quarter results.  However, sizable credit losses marred the report sending the stock price plunging $2.05 to $8.55.

Wells Fargo & Co. (NYSE: WFC) projected $3 billion in profits for the first quarter of the year sending the stock price soaring $3.04 to $17.93.   Shares of Bank of America (NYSE: BAC) leaped $1.45 to $8.51 and JPMorgan Chase (NYSE: JPM) surged $3.13 to $30.56 to join the rally.

Calyon Securities analyst Mike Mayo initiated coverage of Bank of America Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C) and Well Fargo & Co. (NYSE: WFC) all with an Underperform rating.  Bank of America stock eased 12 cents to close at $7.48 while shares of Citigroup slipped 13 cents to close at $2.72.  Shares of Wells Fargo fell $1.09 to close at $15.25.

Sallie Mae (NYSE: SLM) and Bank of America Corp. (NYSE: BAC) announced two new credit card programs to earn unlimited rewards for education expenses.  Shares of Sallie Mae rose 60 cents to close at $4.95 while Bank of America stock gained 79 cents to close at $6.82.

Treasury Secretary Tim Geithner said that some banks will need additional government assistance sending shares of Bank of America (NYSE: BAC) plummeting $1.31 to close at $6.03, Citigroup (NYSE: C) tumbling 31 cents to close at $2.31 and Wells Fargo (NYSE: WFC) falling $2.22 to close at $13.37.

The banking sector rallied as details of the plan to remove bad assets from the books of troubled banks were revealed.  Shares of Citigroup Inc. (NYSE: C) gained 44 cents to $3.06, Bank of America Corp. (NYSE: BAC) climbed $1.10 to $7.29 and Wells Fargo & Co. (NYSE: WFC) gained $1.89 to $15.88.

The Federal Reserve will purchase up to $300 billion in long term government bonds.  Shares of banking stocks Citigroup Inc. (NYSE: C) leaped 57 to close at $3.08, Bank of America Corp. (NYSE: BAC) jumped $1.40 to close at $7.67, Wells Fargo & Co. (NYSE: WFC) surged $2.56 to close at $17.22 and Regions Financial Corp. (NYSE: RF) soared 86 cents to close at $4.95.

 

Bernanke's comments that the recession will probably end by the end of the year lifted banking stocks which rallied for a fifth straight day.  Shares of Citigroup Inc. (NYSE: C) soared 72 cents to $2.50 while Bank of America Corp. (NYSE: BAC) leaped $1.08 to $6.84 and Wells Fargo & Co. (NYSE: WFC) joined the rally by climbing 88 cents to $14.82.

Citigroup Inc. (NYSE: C) announced that it may not need additional government bailout funds lifting the stock price 12 cents to $1.79.  Shares of Bank of America Corp. (NYSE: BAC)joined the rally in the banking sector by adding 7 cents to $5.93.