Bank Of America Stock News

Fourth-quarter earnings of 82 cents a share top forecasts of 77 cents.

Futures Rebound Strongly From Overnight Rout As Yields Stabilize After what earlier looked like another assured overnight rout, especially after 10Y yields hit 1.90% and Brent rose as high as $89/bbl, US equity futures reversed earlier losses to trade higher as earnings optimism outweighed concerns over soaring bond yields and a 50bps March rate hike. As of 7:00am ET, emini S&P futures were up 14 points ot 0.3% to 4,585, Nasdaq futures were up 65 points or 0.44% and Dow futures were also in the green by 89 points or 0.25%. The dollar slumped after several days of sharp gains, the 10Y yield traded at 1.8826%, down from the session''s highest levels, and Brent was at $88.23. The prospect of accelerated policy tightening as well as concerns over the omicron variant and inflation hurting companies profits have whipsawed equities this year. The surge in Treasury yields has fueled a rotation out of expensive technology and growth shares and into cheaper parts of the market. Meanwhile, the 10Y yield has continued its aggressive push higher overnight, and hit a fresh 2 year high, rising just above 1.90% for the first time since Jan 2020, before retracing some of the move.

Bank of America (BAC) stock gains 2.9% in premarket trading after Q4 earnings beats, helped by a credit benefit and on growth in Consumer Banking, Global Wealth and Investment…

Bank of America posted stronger-than-expected fourth quarter earnings Wednesday while noting that overall expenses would only rise marginally this year, removing a key profit risk from an otherwise solid near-term outlook.

How well did Bank of America navigate the jump in employee expenses that has stung rivals?

Shares of Bank of America Corp. dropped 2.9% in afternoon trading Tuesday, putting them on track for a fourth-straight decline, ahead of the bank''s fourth-quarter results due out before the next session''s opening bell. The stock has now shed 5.5% during its losing streak. The stock''s losses comes after bank and broker Goldman Sachs Group Inc. reported disappointing fourth-quarter results on Tuesday, sending the stock down 6.4%, and J.P. Morgan Chase & Co. fourth-quarter results reported before Friday''s open has helped trigger a two-day drop of 10.0%. Bank of America''s stock rose 4.5% on the day it reported third-quarter results (Oct. 14), but fell on the day of the previous seven quarterly reports by an average of 3.2%, according to FactSet data. Meanwhile, the S&P 500 fell 1.4% on Tuesday after gaining 0.1% on Friday. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Krystal Biotech Inc (NASDAQ: KRYS ) shares have potential to nearly double from current levels, according to an analyst at BofA Securities. The Krystal Biotech Analyst: Geoff Meacham initiated coverage of Krystal Biotech shares with a Buy rating and a $110 price target. The Krystal Biotech Thesis: Krystal Biotech, a clinical-stage biotech, is developing differentiated HSV-based gene therapies for inherited dermatological and respiratory diseases, Meacham said in a note. Krystal differentiates itself due to its ability to package large transgenes and re-dose their gene therapies in a transient manner, which significantly increases the breadth of potential applications, the analyst said. Nominated therapeutic areas include cystic fibrosis, Full story available on Benzinga.com

Bank of America (NYSE:BAC) is scheduled to announce Q4 earnings results on Wednesday, January 19th, before market open.The consensus EPS Estimate is $0.76 and the consensus Revenue

Key Events This Holiday-Shortened Week: Earnings Galore, Central Banks And UK Inflation While the US is closed for MLK Day on Monday, the week kicked off with China''s monthly data dump but the PBOC upstaged this by surprisingly cutting rates on its medium term loans ahead of the GDP release. In the first move since April 2020 - which we said would happen one month ago - the PBOC lowered its one-year medium term lending facility (MLF) rate by 10bps to 2.85% from 2.95% and slashed the seven-day repurchase rate to 2.1% from 2.2%. Additionally, as DB''s Jim Reid writes, the central bank injected 700 bn yuan ($110 bn) worth of liquidity via the MLF and added 100 billion yuan of liquidity via reverse repos. Separately, data showed Q4 GDP expanded +4.0% y/y beating Bloomberg forecast of 3.3%. However, the rise was more muted in the last three months (+4.9%) as a real estate downturn combined with strict Covid-19 curbs hit activity. Other economic data showed that industrial production in China jumped by +4.3% in December from a year ago surpassing market expectations of a +3.7% growth.

Falling ~4.9% year-to-date, the healthcare sector in the S&P 500 ended the week as the second-worst performer in the broader index for the year so far

Google, BofA and other companies have secured tests to allow some workers to keep coming into the office during Omicron, while some have struck out.

Bank of America keeps a positive view on First Watch Group <> even with shares well below the IPO pricing level.Analyst Sara Senatore and team believe the sell-off in FWRG has

US December retail sales are due at the bottom of the hour and the market might be sensing bad news. As I flagged earlier this week, some credit card spending data has been showing high risks of a miss on the 0.0% consensus estimate. Bank of America sees -1.3% on the headline, -1.6% ex-autos and -2.

Blackstone Demands Employees Get Boosted Before Returning To The Office At this point in the vaccine rollout, most believe that there''s nothing that can be done to convince those who refuse to get vaccinated to change their minds. President Biden''s attempts to force a federal mandate on workers via OSHA was blocked by the courts. But that hasn''t stopped Wall Street from barring the unvaccinated from its facilities, even though vaccinated employees are just as likely to spread the virus. Not long after Citi became the first megabank to announce plans to fire workers who refused to comply with vaccination policies, private equity giant Blackstone will now prohibit any workers who haven''t gotten their booster shot from its offices, Bloomberg reports. Just yesterday, CNBC''s Jim Cramer casually mused on his show that the side effects from getting a Moderna booster were about as bad as getting sick with COVID. Oh oh. Jim Cramer on CNBC saying he felt worse after his Moderna booster shot than from having Omicron. SteveAustinWI (@SteveAustinWI) January 12, 2022 But not only will Blackstone''s workers be tasked with getting boosters (and providing proof to their employer) but they will also be subjected to as many as three COVID tests per week.