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Bank of America Corp

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  • Market Worry: Consumer Contagion Coming? Wednesday, 31 Oct 2007 | 12:36 PM ET

    Despite the positive economic news, there is concern about the consumer out there. Morgan Stanley just downgraded large cap banks like Citi, Bank of America, and Wells Fargo; the note was ominously titled, " Consumer Contagion Coming."

  • Countrywide Shares Soar; CEO Confirms SEC Probe Friday, 26 Oct 2007 | 12:49 PM ET
    CountryWide

    Countrywide Financial Chief Executive Angelo Mozilo on Friday said the U.S. Securities and Exchange Commission has opened an informal inquiry into his stock sales, confirming previous reports, and that he and the company are cooperating.

  • Bank of America Quits Wholesale Mortgage Business Thursday, 25 Oct 2007 | 7:01 PM ET
    Bank of America branch, New York City.

    Bank of America on Thursday said it will stop offering home mortgages through brokers by the end of the year, resulting in a loss of 700 jobs, so that it may focus on lending directly to consumers.

  • Earnings (Good) Vs. The Economy (Weak) For Traders Thursday, 25 Oct 2007 | 10:55 AM ET

    Some positive earnings news is putting a floor under stocks but economic news and credit worries could be the ceiling. Durable goods data this morning showed signs of weakness, but new home sales rose a 4.8% to 770,000, a positive pickup after a decline in August. Forecasts were for 775,000 units.

  • Motorola Beats Street And BofA Cuts Thursday, 25 Oct 2007 | 9:25 AM ET

    Futures trading up as Motorola beat expectations and guided upward while EMC was in line and both are up nicely pre-open. There's strength in Europe, strength in Asia, third Quarter GDP in China rose 11.5%. That was in line with expectations. Chinese stocks are the only major market down in Asia, down 5%, probably on worries that more rate hikes are likely.

  • Bank of America Cuts 3,000 Jobs; I-Bank Chief Exits Thursday, 25 Oct 2007 | 8:41 AM ET
    Bank of America branch, New York City.

    Bank of America on Wednesday said it plans to eliminate 3,000 jobs, and that the head of corporate and investment banking will depart after a dismal quarter at that unit led to a 32 percent drop in overall profit.

  • Wall Street Now Faces Issue Of Trust Wednesday, 24 Oct 2007 | 1:57 PM ET

    The "kitchen sink" theory is out the window. There's a trust problem developing on the Street. Remember a few weeks ago traders drove up the stocks of companies like Citigroup, even though they did take very large losses for subprime and CDOs?

  • Super Fund Can Help Financial Markets: Fed Official Tuesday, 23 Oct 2007 | 10:06 AM ET

    The Federal Reserve thinks the so-called super SIV could help beleaguered financial markets, and its silence on the matter should not be seen as indicating a lack of support for the plan, a senior Fed official said Monday.

  • Banks Offer More Than $60 Billion Towards Fund: WSJ Sunday, 21 Oct 2007 | 9:34 PM ET

    Banks and other financial institutions have expressed interest in providing more than $60 billion towards a super-sized fund aimed at bailing out structured investment vehicles, The Wall Street Journal reported on Sunday.

  • Banks Launch Reform Drive in Wake of Credit Crisis Sunday, 21 Oct 2007 | 2:41 PM ET

    The world's top banking lobby on Sunday accepted responsibility for the U.S. subprime lending crisis and launched a broad reform program designed to mend cracks in ailing credit markets.

  • Chance to Recoup Stock Losses to Hinge on Earnings Sunday, 21 Oct 2007 | 11:28 AM ET

    U.S. stock investors looking to recoup from the worst week in almost three months will have to keep one eye out for signs of weakness in earnings due this week and the other on the threat surging oil prices.

  • Dollar Sinks Further on Economic Worries Friday, 19 Oct 2007 | 5:52 PM ET

    The dollar hit a fresh record low against the euro and a basket of currencies on Friday, pressured by the growing view that a slowdown in the U.S. economy will force another cut in interest rates this month.

  • Citigroup Will Not Have Asset Fire Sale: WSJ Thursday, 18 Oct 2007 | 11:35 PM ET

    Citigroup executives say they have enough funding in place to support the $80 billion in structured investment vehicles the bank manages and won't be forced to sell assets atdistressed prices, The Wall Street Journal reported on its web site.

  • Stocks ended mixed as Bank of America's earnings shortfall was countered by strong tech and healthcare earnings. "In the last few days there is more concern about this bleeding into the fourth quarter, with the Bank of America comments and housing having more of a negative impact on the consumer than maybe we've seen so far," said Alec Young, equity strategist at S&P.

  • Stop Trading!: Live From Georgia Tech Thursday, 18 Oct 2007 | 3:25 PM ET

    Not every bank is a lost cause, Cramer said. Here are a few that are pulling their weight.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.

  • Fear Walking Down The Street Thursday, 18 Oct 2007 | 2:16 PM ET

    You can hear the wings flapping in the Treasury market, as the big flight to safety trade that started yesterday continues. The dollar is skidding to new lows, and a bit of fear has returned to the street.

  • Bank of America: Troubles Might Just Be Starting Thursday, 18 Oct 2007 | 11:45 AM ET

    Midday observations: Bank of America joining Citi in essentially announcing they are eliminating their share buyback program (to be technical, the headline said "only limited share buybacks until late '08"). It's likely that their hefty $2.56 dividend (5.3% yield) is safe, for the time being.

  • European Stocks Close Lower on Bank of America Miss Thursday, 18 Oct 2007 | 11:39 AM ET

    European stocks finished in negative territory Thursday, after a sharper-than-expected drop in Bank of America's third-quarter profit caused by the credit crisis dragged financial and banking stocks lower.

  • Bank of America Earnings Skid, Surprising Investors Thursday, 18 Oct 2007 | 9:53 AM ET
    Bank of America branch, New York City.

    Bank of America's quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in its investment banking unit.

  • Stocks: Familiar Problems, Familiar Struggles Thursday, 18 Oct 2007 | 9:46 AM ET

    Stocks are struggling with familiar problems this morning: 1) The Yen has rallied against the dollar and other currencies, again reviving concerns about the yen carry trade unwinding; European equities are lower.