Bank Of America Stock News

Bank of America is handing out $1 billion worth of restricted stock to virtually its entire workforce as the bank seeks to gain an upper hand in the war for talent.

"The Sum Of All Fed Fears" - BofA Warns FOMC Isn''t Doing Enough To Stop Inflation From Torpedoing Markets Bank of America''s view that the Fed is way beyond the curve when it comes to suppressing inflation has led it to a ''bear case'' outlook for stocks and bonds that''s almost apocalyptic. Over the weekend, we shared ( with premium subs ) our thoughts on the latest "Flow Show" from BofA''s Michael Hartnett, one of the gloomiest strategists on Wall Street, who has repeatedly excoriated the Fed for its unwillingness to act more boldly ( "they should hike 50 basis points…but won''t" ). Hartnett has warned that untrammeled inflation will eventually lead to a growth-killing "rate shock" engineered by the Fed that will torpedoe valuations for stocks and bonds. Already, his team argues, rising Treasury yields contributed to the crashing ISM, which has turned out to be a "bad combo" for risk assets. With the FOMC expected to lay the foundation for a 25 basis-point hike at its meeting this week, BofA''s economists have followed up with a series of similarly downcast FOMC previews warning that the Fed isn''t doing enough to stop inflationary pressures from unleashing stagflationary hell.

In a day of a widespread market selloff, ResMed <> is trading flat after Bank of America and JPMorgan upgraded the dual-listed medical device maker amid a product recall of a

Here Comes The Pivot: JPM Sees Sharp Slowdown In US Economy, "No Further Hawish Developments From The Fed" For much of the past month we have been warning that as the broader investing public has been fascinated by the mounting speculation that the Fed will hike 4 times (or even "six or seven" times, thank you Jamie Dimon) and commence shrinking its balance sheet, the US economy had quietly hit a major air pocket and - whether due to Omicron or because the vast majority of US consumers are once again tapped out (see more below) - US GDP growth is now rapidly collapsing and may turn negative as soon as this or next quarter as the US economy contracts for the first time since the covid shutdowns in Q1/Q2 2020. 10Y yield LOD 1.82128% as market realizes that Fed is hiking "six or seven times" into a deep slowdown zerohedge (@zerohedge) January 20, 2022 Throw in the lack of a new Biden stimulus (BBB is dead as a doornail, courtesy of Manchin), and soaring gas prices (Goldman, Morgan Stanley and Bank of America all see Brent hitting triple digits in the near term, while a Russia-Ukraine war would send oil to $150 and crash the global economy), and we are willing to go on the record that a recession before the November midterms is virtually assured.

Bank of America Gloats After S&P Hits Its Bearish Year-End Price Target After Just 3 Weeks Yesterday, we reported that Morgan Stanley''s chief equity strategist - and biggest Wall Street bear with a handful of exceptions - took a preemptive victory lap, and capitalized on the recent market rout which has left his bullish colleagues scrambling who to revise their narrative, to predict even more pain for stocks in the first half including a 10-20% correction in H1, even though technically at 4,500, the S&P is still some 100 points away from his 2022 base case target for the S&P500. But if Wilson''s victory lap may seem premature in retrospect, especially if stocks soar from here, Bank of America''s chief equity strat, Savita Subramanian has every reason to float - while not nearly as bearish as Wilson, her year-end price target of 4,600 has already been hit, prompting a difficult question: "Is it 2023 yet?" As Subramanian gloats, "the S&P 500 now hovers just below our year-end target of 4600 already" adding that "elements of our too bearish call last year are playing out today." Here''s why: Last year, we underestimated margin preservation of corporates amid rising inflation, and failed to forecast that negative real rates would fall further.

JPM Trading Desk: After Yesterday''s Systematic Selling, Let''s See If This Bounce Can Hold After the worst start to a year for the Nasdaq since 2008 ... stocks are finally rebounding solidly and are posting what may be the strongest day for markets in 2022. But the question on everyone''s mind is whether the solid early action will persist. Indeed, as JPM writes in its market summary note today, "todays pre-market setup is similar to yesterday. Lets see if we can hold pre-market gains throughout the session as yesterday afternoon felt like systematic selling. If 1.90% was a buy-level in bonds, then we may have a relief rally being initiated led by Tech." However, as JPM''s Andrew Tyler notes, "I would not take this as a sign that the rotation is over, though. I think investors are still figuring out which elements of Tech will be resilient to a tightening cycle while also taking profits on multi-year investments. Add to that the selling and shorting within the most speculative sectors and you have an interpretation for 2022 market behavior." With that in mind, here is the latest JPM trading desk commentary on yesterday''s market action, and into today: Consumers : 1) PG shaking off the margin weakness is a good(albeit surprising) sign as we head into the bulk of staples earnings season.

Bank of America hikes its rating on C.H. Robinson Worldwide (CHRW) to Buy from Neutral on its view that margin and share gains continue to point to upside potential.Analyst Ken…

Futures Recover From Wednesday Rout As Yields, VIX Stabilize Whereas the stock plunge on Tuesday could be blamed on surging rates, the repeat tumble on Wednesday took place as Treasury yields dropped sharply, so with markets at a loss how to read rate signals, so far this morning S&P e-mini futures have rebounded by 23 points ot 0.5% from yesterday''s low just above 4,500 - a key support level according to JPMorgan - as volatility eased and global bond yields appear to have stabilize for now, and hours after China''s latest easing measure when Beijing lowered mortgage lending benchmark rates on Thursday as monetary authorities step up efforts to prop up the slowing economy. 10Y Treasuries rose from session lows, last trading at 1.84%, European stocks fluctuated as the dollar index was little changed and crude oil slipped after a three-day rally as gold held around a two-month high. China''s cut to the one-year and five-year loan prime rates (LPR) which lowered the one-year LPR by 10 basis points to 3.70% from 3.80% - the second consecutive monthly cut - and the five-year LPR by 5 basis points to 4.60% from 4.65%, its first cut since April 2020. ... followed surprise cuts by China''s central bank on Monday to its short- and medium-term lending rates, and came days after the central bank''s vice governor flagged more moves ahead.

BAC earnings call for the period ending December 31, 2021.

Bank of America said its profits rose 28% last quarter from a year earlier, but the bank faced the same wage inflation as its Wall Street counterparts.

Bank stocks are on the move Wednesday as investors react to a variety of news from some of the U.S.''s biggest financial institutions.

I''m now long BAC as well as JPM, GS and WFC.BAC

BAC, MS and PG all rose in pre-market trading on earnings news. SOFI jumped on regulatory approval to become a bank. ADS slipped on the loss of a major client.