30.75 +0.01 (0.03%)
After hours: 6:48PM EDT
|Bid||30.75 x 2200|
|Ask||30.76 x 900|
|Day's range||30.66 - 31.20|
|52-week range||24.58 - 33.05|
|PE ratio (TTM)||16.14|
|Earnings date||15 Oct 2018|
|Forward dividend & yield||0.60 (1.93%)|
|1y target est||34.57|
(BAC) continues its long run as the largest provider of wealth management services to wealthy individuals—but (MS) is narrowing the gap between No. 1 and No. 2. BofA, including its Merrill Lynch and U.S. Trust wealth management units, has held the top spot in our Top 40 for 10 consecutive years. This year, for the first time, however, the second-place firm has narrowed the gap to less than $100 billion in client assets.
This game has been the primary reason for Take-Two Interactive’s 1000.0% stock returns (in absolute terms) since the start of 2013. Take-Two Interactive’s highly anticipated game, Red Dead Redemption 2, is expected to be released on October 26 and contribute to the company’s revenues in the holiday quarter. Red Dead Redemption 2 already has a dedicated fan base, and it’s garnered positive responses from its players.
Bank of America.If you work at a bank, and you meet with a client and like the cut of his jib and decide to lend him $300 million, and the client vanishes into thin air and the bank writes off the $300 million, are you in trouble? Were you not supposed to have done that? Obviously the bank would rather have the $300 million than not; lending $300 million and getting it back is better than lending $300 million and not getting it back.
Investor sentiment upbeat on expectation of interest rate hike this month along with strong domestic economic growth and a steady labor market.
Leadership changes are starting to ripple through Bank of America Corp.’s investment bank as disagreements over risk-taking and a struggle to keep pace with competitors spur high-level departures. On Wednesday, Christian Meissner said he’s stepping down as head of the corporate and investment-banking division he led through the tumultuous years after the financial crisis. More executives may follow Meissner’s lead, they said.
Christian Meissner is stepping down as Bank of America’s head of corporate and investment banking in the wake of the bank’s recent loss of market share in the mergers and acquisitions market. Mr Meissner will leave the role at the end of the year and be replaced by Matthew Koder, BofA’s president of Asia-Pacific, according to a memo from Tom Montag, chief operating officer of BofA.
To be excoriated via a private memo purportedly endorsed by dozens of junior staff (and then leaked to media), as occurred to an executive at HSBC? Or told off on a public conference call, as at Bank of America? Late on Wednesday he announced he would leave BofA at the end of the year.
In sync with its plans to focus on core operations and improve efficiency, BofA (BAC) is selling alternative investment feeder funds.
Bank of America Corp. agreed to sell businesses that administer alternative investment feeder funds to iCapital Network, a financial-technology firm led by a former Goldman Sachs Group Inc. banker. The operations for feeder funds, which pool client money to invest in hedge funds and private equity, handle about $20 billion in client holdings, boosting the assets on iCapital’s platform by more than four times, iCapital Network said Tuesday in a statement. Bank of America Chief Executive Officer Brian Moynihan has worked to streamline the bank since the financial crisis, and the iCapital deal will help it further simplify operations.
Facebook’s (FB) social media business is powered by advertising dollars. Alibaba (BABA) is a major player in the e-commerce space, with interests in cloud computing and financial technology. IBM (IBM) is a legacy leader in the information technology business, releasing applications for enterprises around the world. As much as these companies operate in different core industries, there is a common thread that joins them—an appetite for blockchain technology.
Bank of America’s other businesses sent more than 44,000 referrals to the Global Wealth and Investment Management division, which includes Merrill Lynch and U.S. Trust, the publication noted. At the same time GWIM sent more than 77,000 referrals to the other businesses. Sieg said that about half of all referrals to and from GWIM were with the consumer banking business, creating a “unique and very powerful” model in wealth management.
In the previous part of this series, we saw that Electronic Arts (EA) delayed the release of Battlefield V. Wall Street analysts were not impressed, resulting in several price target cuts for the stock. Bank of America Merrill Lynch (BAC) downgraded the stock from “neutral” to “buy.” While Cowen reiterated a “market perform” rating for EA, it cut its 12-month price target from $114 to $111. While EA stock has been impacted recently, analysts are still optimistic about its long-term drivers.
In the latest monthly report, the NAR (National Association of Realtors) revealed that existing home sales fell in July. The sales fell for the fourth consecutive month. Consumers continued to postpone their plans to buy homes amid higher house prices. The NAR stated that the shortage of properties in the market pushed house prices higher. Declining existing home sales are impacting the US mortgage industry.
IBM (IBM) is making a huge bet on blockchain, the technology that underpins most cryptocurrencies. The company has made 89 blockchain patent applications, putting it in second place after Alibaba (BABA) in terms of the number of blockchain patent filings. MasterCard (MA) and Bank of America (BAC) have made 80 and 53 blockchain patent applications, respectively.
Until 2017, the Trump administration’s reforms were mostly domestic, such as the easing of the Dodd-Frank Act and the lowering of corporate taxes to support domestic manufacturing. However, the administration is now targeting a trade war, higher rates, and possibly a currency war to make a fair play environment in world trade.
Charlotte built everything it needed to become banking capital of the South: gleaming office towers on a hill surrounded by parking lots, freeways and the assorted concrete markers of rapid development. Hurricane Florence and its floods may reveal the cost of the North Carolina city’s rush to build. The impact will be worsened by this city’s “growth is good” philosophy, according to Mary Newsom, director of policy initiatives at the University of North Carolina-Charlotte’s Urban Institute.
JPMorgan Chase’s (JPM) CIB (Corporate and Investment Bank) segment continued to be one of the major contributors to the bank’s top-line growth. The division has benefited from higher volatility, a strong franchise in equity and debt underwriting, and mergers.
The US mortgage market is facing a slowdown as mortgage rates increase due to the Federal Reserve’s hawkish monetary policy. In a rising interest rate scenario, a customer’s ability to afford a loan decreases, affecting the demand for mortgage loans.
The former Treasury secretary says the Bear Stearns rescue “allowed us to dodge a bullet and avoid a devastating chain reaction.”
David Konrad, an analyst at Macquarie Research, has downgraded his rating on Wells Fargo & Company (WFC) from an “outperform” to a “neutral.” He’s reiterated the previous target price of $63 on the stock. Wall Street’s target price of $62.31 represents an upside potential of ~8.6% from its current market price of $57.40. Analysts are bullish about Wells Fargo’s top peers Citigroup (C), Morgan Stanley (MS), and Bank of America (BAC) and have provided consensus “buy” recommendations on these stocks.
Alibaba (BABA) tops the list of companies seeking to patent ideas related to blockchain technology. It has submitted 90 patent applications related to blockchain, according to CoinDesk, citing data from iPR Daily.
Boadicea Resources Ltd (ASX:BOA), which has zero-debt on its balance sheet, can maximize capital returns by increasing debt due to its lower cost of capital. However, the trade-off is BOARead More...