Bank of America (BAC)

[Chiron]

2Q08 earning out : 72 cents a share vs 54 cents expectation.

http://www.bloomberg.com/apps/news?pid= ... refer=home

[millionairemind]

Chiron,

Congrats on your BAC!!! Huat Huat 2008 ar

Cheers,
mm

[Chiron]

mm, thanxs. hope everyone makes big money here

[kennynah]

chiron :

of cos....at Huatopedia, everyday is a HUat HUat day....you forgot the slogan ?

congrats man !!!

[kennynah]

the details...
*******

Bank Of America Rallies In Pre-Market On Q2 EPS News
7/21/2008 8:44 AM ET

(RTTNews) - Bank Of America (BAC: News, Chart, Quote ) climbed in pre-market trading, up about 12 percent. The advance came after the company reported its second quarter earnings.

The stock was up $3.31 just before 8:40 am ET, rallying to $30.80. If pre-market gains hold, the stock will open at its highest level since mid-June.

Bank of America reported a fall in second-quarter net income to $3.41 billion, down from $5.76 billion last year. Earnings available to common shareholders totaled $3.22 billion. Earnings per share plunged 44% to $0.72 from $1.28 prior year.

Net revenue rose to $20.32 billion from $19.625 billion last year. The company said the revenue growth was driven by an expanded net interest yield, loan growth and higher income from service charges, mortgage banking and investment and brokerage services, apart from addition of LaSalle Bank.

Total retail sales increased 4% to 13 million products. Net interest income on a fully taxable-equivalent basis rose 25% to $10.94 billion from $8.78 billion in the second quarter of 2007.

Non-interest income declined 14%to $9.69 billion from $11.24 billion a year earlier.

****

dont forget it has purchased Country Wide Financials...

[Chiron]

Have par off my holdings in BAC and V since not getting comfortable with the current market movement. Will monitor the market for my next course of action.

Caveat Emptor

[ishak]

BofA set to settle risky-securities inquiry
AP, 09/05/2008

Bank of America Corp. said Friday it is ready to settle federal and state investigations into sales of risky auction-rate securities, joining eight other big investment banks that have agreed to buy back a total of more than $50 billion of the securities.

Charlotte, N.C.-based Bank of America, the second-largest U.S. bank by assets, said it has been in negotiations for nearly a month with the Securities and Exchange Commission and authorities in New York and Massachusetts on a possible settlement to buy back the bond-like securities from investors.

"We are ready and willing to enter into an agreement that follows the same basic terms of previously announced settlements," Bank of America spokeswoman Shirley Norton said in an e-mailed message. "We understood that we had reached such an agreement in principle nearly two weeks ago.

"We hope that all of the parties will work towards completing a settlement for the benefit of investors who have been affected by unprecedented market disruptions," Norton said.

The SEC, New York Attorney General Andrew Cuomo and a number of other state regulators have been conducting a wide-ranging investigation into banks' marketing of auction-rate securities. The regulators have alleged that the banks misled customers into believing the auction-rate securities were safe, cash-like investments.

Tens of thousands of investors nationwide - including institutional and individual investors, cities and towns, charities and small businesses - were left holding damaged, illiquid securities when the $330 billion market for auction-rate securities collapsed in mid-February, the regulators say.

[ishak]

Bank of America to buy back $4.5B of auction-rate securities, settles with Mass. regulators
AP, September 10, 2008

Bank of America Corp. said Wednesday it will buy back about $4.5 billion worrh of auction-rate securities as part of a settlement agreement with Massachusetts regulators.

The auction-rate securities market involved investors buying and selling instruments that resembled corporate debt, except the interest rates were reset at regular auctions, some as frequently as once a week. The market for the securities collapsed in February.

"The SEC Division of Enforcement expects to soon announce the terms of a preliminary settlement with Bank of America that results from our ongoing auction-rate securities investigations," said Linda Thomsen, director of the SEC's enforcement division, said in a statement.

The Charlotte, N.C.-based bank says it continues to cooperate fully with ongoing investigations by the Securities and Exchange Commission and the New York Attorney General's Office.

Bank of America joins eight other big investment banks which have agreed to buy back a total of more than $50 billion of the securities.

In afternoon trading, shares fell 74 cents, or 2.3 percent, to $31.78.

[kennynah]

bac chief being grilled on why he didnt wait just one more day to pay a lower price for MER...hahaha...his answer :

"we cant pick bottom"

[kennynah]

but seriously, if BAC is able to consolidate and capitalize it's purchases well.. it will become a formidable bank in the years ahead.. remember it was not very successful in their offshores retail businesses some time back...

perhaps, really a case of every clown will have his day...