Bank of America (BAC)

[kennynah]

quite bad hor...

but unimportant as long as it is not a index directional mover...

[winston]

BOA may be next WikiLeaks target; stock falls

CHARLOTTE - Bank of America Corp's shares declined 3 per cent on Tuesday amid investor fears the largest US bank by assets may be at the centre of WikiLeaks next document release.


Source: Reuters

[winston]

Wikileaks Warns on Bank Of America: ‘Place Your Funds Somewhere Safer’Author: Mac Slavo- December 18th, 2010

Do you have an account at Bank of America? If so, you may want consider the latest warning about the bank’s stability from Wikileaks’ Julian Assange.

In a series of tweets this morning, Wikileaks warns that Bank of America may be unstable and that users should consider moving their money to another banking institution.

http://www.shtfplan.com/headline-news/w ... r_12182010

[iam802]

Given Wikileaks info about BAC...

Would you still go long as the 'double bottom' is forming?

Note:
Possible resistance at around $13.50 from the Ichimoku Weekly Chart.

===




Weekly Chart Resistance

[winston]

Not vested

BofA posts loss on mortgage problems


CHARLOTTE, North Carolina (Reuters) - Bank of America Corp, the largest U.S. bank by assets, reported a second straight quarterly loss as mortgage woes continue to saddle the bank with billions in problem home loans.

The results highlight the mixed outcome of the two largest bets the bank's former chief executive, Kenneth Lewis, made at the height of the financial crisis in 2008 -- the purchases of Countrywide Financial Inc and Merrill Lynch & Co.

Bank of America is still coping with Countrywide's loan woes nearly three years after buying the largest U.S. subprime mortgage lender.

In the fourth quarter, the bank recognized a $2 billion writedown in the value of its mortgage business, and a $4.1 billion provision for future mortgage repurchase claims.

"Countrywide is still hurting them and it will continue to. It's like a tooth being pulled -- it's only going to feel good when it's done," said Matt McCormick, portfolio manager at Bahl & Gaynor Investment Counsel Inc in Cincinnati.

BofA Chief Executive Brian Moynihan, speaking on CNBC, said the U.S. housing market would continue to bump along the bottom, and the banking industry would be dealing with related problems for years to come.

But BofA's global banking and markets unit, combined with its global wealth and investment management arm, which includes Merrill Lynch's investment bank operations and retail brokerage, earned $1.06 billion in the fourth quarter.

"Last year was a necessary repair and rebuilding year," Moynihan said in a prepared statement announcing the quarterly earnings. "Our results reflect the progress we are making at putting legacy -- primarily mortgage-related -- issues behind us."

Bank of America shares were down 1.2 percent to $14.36 in premarket trading.

CHARGES WEIGH

The quarter was the second straight to include large one-time charges for the bank, and pushed it to a second straight quarterly loss after two consecutive quarterly profits for first-year CEO Moynihan.

In the third quarter, the bank reported a $10 billion writedown of its cards business due to new curbs on debit card fees banks can charge merchants.

Moynihan is trying to turn around a bank cobbled together by Lewis primarily through acquisitions over the last decade. Moynihan is a former FleetBoston executive, a bank that BofA bought in 2003.

BofA's most profitable division in the fourth quarter, its cards unit, was built mainly by the purchase of Delaware-based credit card giant MBNA Corp in 2005 for $35 billion.

While the bank's credit costs continue to shrink -- nonperforming loans declined 8.6 percent from a year earlier to $32.6 billion in the fourth quarter -- revenue is also declining.

Total revenue fell 11 percent to $22.7 billion, the third straight quarterly decline.

Despite the shrinking revenue, the bank posted loan growth of 0.7 percent from the third quarter, rising to $940 billion.

The bank reported a fourth-quarter shareholder loss of $1.57 billion, or 16 cents a share, compared with a loss of $5.2 billion, or 60 cents a share, a year earlier.

Excluding the mortgage business writedown, the bank earned $756 million, or 4 cents per share.

Analysts had expected earnings of 14 cents per share, according to Thomson Reuters I/B/E/S.

The year-earlier results included a one-time charge of $4 billion related to the Troubled Asset Relief Program.


Source: Reuters US Online Report Top News

[winston]

Fed Tells Bank of America to Rein in Dividend Plan

CHARLOTTE, North Carolina (Reuters) - The Federal Reserve objected to Bank of America Corp’s <BAC.N> plans to boost its dividend and told the bank to revise its proposal, sending shares down 1.7 percent in premarket trading.

Source: REUTERS US ONLINE REPORT BUSINESS NEWS

[winston]

Not vested

BofA posts second-quarter loss on mortgage settlement

CHARLOTTE, North Carolina (Reuters) - Bank of America Corp posted a second-quarter net loss after agreeing to an $8.5 billion settlement with mortgage bond investors.

The largest U.S. bank by assets reported on Tuesday a net loss of $8.8 billion, or 90 cents per share, compared with net income of $3.1 billion, or 27 cents per share, a year earlier.

Source: Reuters US Online Report Business News

[winston]

BUFFETT’S BANK OF AMERICA DEAL by Cullen Roche

I’ve spent quite a bit of time in the past discussing the world’s most misunderstood investor.

This folksy old man from Nebraska doesn’t lurk like a lion in the shadows waiting to pounce on his prey. No, he just comes up and gives you a nice big “hug” as the someone described the B of A deal.

Let’s be clear here. This is a distressed play with sophisticated hedging involved. And it’s classic Buffett. He is essentially stepping on Bank of America’s throat when they are vulnerable and extracting his billions in future cash flows.

http://pragcap.com/buffetts-bank-of-america-deal

[iam802]

http://online.wsj.com/article/SB1000142 ... 47764.html

Bank of America Corp. officials have discussed eliminating roughly 40,000 positions during the first wave of a restructuring that Chief Executive Brian Moynihan is expected to discuss Monday, said people familiar with the plans.

The numbers aren't final and could change. The restructuring would reduce the bank's work force over a period of years. In fact, Mr. Moynihan may not discuss a job-cut number during next week's presentation at the Barclays Capital 2011 Global Financial Services Conference in New York.

...

[kennynah]

definitely will positively impact their profit margin if they remove 40K personnel... simplest way for any incoming CEO to do as first task...straight out of text book...