Jefferies Reiterates Buy on Bank of America (BAC) Following 2Q Earnings - PT to $16.50

UBS Reiterates Buy on Bank of America (BAC) Following 2Q Report

UBS reiterated a Buy rating and $18.00 price target on Bank of America (NYSE: BAC) following the company's 2Q earnings report. UBS is raising 2016 estimates by 4c to $1.28 per share driven by the 2Q beat and lower operating expenses partially offset by lower NII.

Analyst Brennan... More

Goldman details cost savings plan after 'challenging' quarter

By Olivia Oran and Sweta Singh

(Reuters) - Goldman Sachs Group Inc (NYSE: GS) reported a higher second-quarter profit on Tuesday, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure.

In response to a "challenging backdrop" for revenue, the Wall Street bank embarked on a cost-cutting plan in the first half of the year that will save $700 million a year, Chief Financial Officer Harvey Schwartz said on a conference call.

The Wall Street bank's profit... More

Puts with increasing volume at CBOE

BAC 7/22/2016 14 21K

EEM 8/19/2016 34 12K

XON 8/19/2016 20 10K

SPY 8/19/2016 214 9K

XOP 9/16/2016 30 9K

GE 8/19/2016 33 5K

Hauling cash, replacing cards, fixing ATMs: the stubborn costs banks can't erase

By Dan Freed and Olivia Oran

NEW YORK (Reuters) - Even after years of lean times, big U.S. banks are coming under new pressure to cut costs. But management teams are finding some expenses simply won't budge like the $1 billion a year it costs Bank of America Corp (NYSE: BAC) to shuffle papers around and transport money in armored trucks.

Other stubborn costs ranging from mailing paper account statements to replacing lost credit cards and repairing broken ATMs show just how hard it will be for banks to boost earnings in the near-term... More

Bank of America wealth management loses small brokers

By Elizabeth Dilts

NEW YORK (Reuters) - Bank of America's (NYSE: BAC) wealth unit is losing financial advisers who cannot meet performance targets because their books of business are too small, Chief Executive Brian Moynihan said on Monday.

Big wealth management firms have been implementing tougher goals for advisers in recent years, pushing them to recruit richer clients, lend more and spend less time on clients with few assets. Advisers who cannot meet those targets have been retiring, moving to smaller firms or leaving the industry... More

Wall St. sets records again, led by tech, bank stocks

By Lewis Krauskopf and Rodrigo Campos

(Reuters) - Wall Street closed slightly higher on Monday to mint new record highs for the S&P 500 and the Dow industrials, fueled by Bank of America's better-than-expected profit and a major tech sector acquisition.

SoftBank's $32-billion deal to buy British chip designer ARM Holdings (NASDAQ: ARMH) lifted U.S. chip stocks, and the technology sector led the way higher on the S&P 500. The tech-heavy Nasdaq rose more than the S&P and the Dow.

Bank of America's (NYSE:... More

Bank of America (BAC) overall volatility at 27 into Q2 EPS of 36c, consensus 33c

Bank of America (NYSE: BAC) is recently up 5c to $13.71 in the premarket after reporting Q2 EPS 36c, consensus 33c. Q2 was revenue $20.6B, consensus $20.41B. 30-day option implied volatility is at 27; compared to its 52-week range of 15 to 44.

Bank of America sets new cost target under pressure from low rates

By Dan Freed and Sruthi Shankar

(Reuters) - Bank of America Corp (NYSE: BAC) reported a 19 percent drop in second-quarter profit on Monday and set a new expense target as growth in businesses from lending to trading failed to offset the impact of persistently low interest rates.

Like other lenders, the Charlotte, N.C.-based bank has been struggling under the weight of low rates for years, but analysts say Bank of America is particularly sensitive to the issue because of how management has positioned its balance sheet. Accounting oddities related... More

Bank of America (BAC) Posts Q2 adj.-EPS of $0.42, Topping Views

(Updated - July 18, 2016 6:54 AM EDT)

Bank of America (NYSE: BAC) reported Q2 EPS of $0.36, versus the analyst estimate of $0.33. Revenue for the quarter came in at $20.6 versus the consensus estimate of $20.41 billion.

Q2-16 includes after-tax negative impacts of $0.6 billion, or $0.05 per share, for... More

S&P, Dow close at record highs; oil falls

By Richard Leong

NEW YORK (Reuters) - U.S. stock prices rose on Monday, with the Dow Jones Industrial Average and S&P 500 posting record closes amid upbeat company earnings, while oil fell on worries about growing supply and traders brushing off a failed coup in Turkey.

As Turkish authorities sought to retaliate for a bid by a faction of the armed forces to seize power, traders pared safe-haven holdings of yen, gold and low-risk government bonds.

"We're now on to the next shiny new object and that's earnings season," said Paul Nolte, portfolio manager at... More

Trading Radar for 7/18: BofA (BAC), Netflix (NFLX), Rambus (RMBS), EMC Corp. (EMC), Hasbro (HAS) Report

The Trading Radar highlights key earnings and economic announcements for the next trading session:

Before Markets Open:
Earnings:

Art's Way Manufacturing (Nasdaq: ARTW) - no Street consensus
Bank of America (NYSE: BAC) - consensus EPS... More

Bank of America (BAC) calls three times as active as puts on elevated volatility into Q2

Bank of America (NYSE: BAC) July weekly call option implied volatility is at 38, August is at 27; compared to its 52-week range of 17 to 56 into the expected release of Q2 on July 18.