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Bank of America Corporation New York Stock Exchange
Open: $0.00 High: $0.00 Low: $0.00 Close: $0.00
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Bank of America Corporation 100 North Tryon Street Charlotte NC, 28255
Bank of America Corporation is a bank holding and a financial holding company. The company provides financial products and services to people, companies and institutional investors.
  • CEO: Brian T. Moynihan
  • Employees: 205,000
  • Sector: Financial Services
  • Industry: Banks
BAC News
Latest news about the BAC
  • Kuaishou Seeks $5.4 Billion in Biggest Tech IPO Since Uber

    (Bloomberg) -- Kuaishou Technology, the main rival to ByteDance Ltd. in China, is seeking to raise as much as $5.4 billion in Hong Kong in what would be the world’s biggest internet initial public offering since Uber Technologies Inc.The short video startup, backed by Tencent Holdings Ltd., is selling 365 million shares at HK$105 to HK$115 each, according to terms of the deal obtained by Bloomberg News. The company will start taking investor orders from Monday through Jan. 29 and is slated to list on Feb. 5.Kuaishou is attempting the world’s biggest internet IPO since Uber’s $8.1 billion U.S. share sale in May 2019, according to data compiled by Bloomberg. The Chinese startup’s IPO will also give another boost to Hong Kong’s already-hot capital market and could become Asia’s largest since Budweiser Brewing Co. APAC Ltd.’s $5.8 billion float almost two years ago.Kuaishou, which means “fast hand” in Chinese, is one of China’s biggest internet success stories of the past decade, part of a generation of startups that thrived with backing from Tencent. Along with TikTok parent ByteDance, the outfit co-created by Su Hua in 2013 pioneered the live streaming and bite-sized video format that’s since been adopted around the world by the likes of Facebook Inc. Kuaishou’s imminent debut could test investor appetite for its far larger rival, which was last valued at $180 billion.The offering of Kuaishou has attracted 10 cornerstone investors, who agreed to subscribe for $2.45 billion of stock, based on the mid-point of the marketed range. The lineup includes The Capital Group, Temasek Holdings Pte, GIC Pte, BlackRock Inc. and Abu Dhabi Investment Authority, the terms show, confirming an earlier Bloomberg News report. The cornerstone investors have agreed to hold stock for six months in exchange for early, guaranteed allocation.The valuation of Kuaishou could more than double after its Hong Kong IPO. A top-end pricing will value the Chinese firm at $60.9 billion, up from the $28.6 billion it achieved in a funding round last year, according to Pitchbook. Even at the low-end of range, Kuaishou will still be valued at $55.6 billion.ByteDance has long been a rumored IPO candidate but was bogged down last year in fighting a U.S. ban on TikTok after the video service was labeled a national security threat. The social media giant was in discussions to raise $2 billion before listing some of its businesses in Hong Kong, Bloomberg News reported in November.Kuaishou had about 262 million average daily active users as of September, according to its prospectus. That’s still less than half the 600 million on Douyin, the Chinese version of TikTok. That said, Kuaishou’s revenues climbed 49% to 40.7 billion yuan ($6.3 billion) in the first nine months of last year, after it ratcheted up monetization efforts through advertising and e-commerce. While it offers free access to its main platform, the startup takes a cut of the tips users give to their favorite live-streamers who perform viral challenges, lip-sync to the latest pop songs and play video games.Tencent has about a 21.6% stake in Kuaishou, and other backers include venture capital firms DCM, DST Global and Sequoia Capital China, the prospectus shows. Shares in Tencent jumped as much as 6.4% to an all-time high in early Monday trading in Hong Kong.Morgan Stanley, Bank of America Corp. and China Renaissance Holdings Ltd. are joint sponsors of the deal.(Adds Kuaishou’s valuation in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • If Allowed by Regulators, Bank of America Could Return a Lot of Capital to Shareholders This Year

    The bank is sitting on a ton of excess capital, is not constrained by its regulatory requirements, and has little else to do with it.

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  • Investors eye bank earnings amid pandemic

    Yahoo Finance’s Alexis Christoforous and Octavio Marenzi, Opimas CEO, discuss bank earnings as the coronavirus pandemic drags on. 

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  • New data show the powerful impact of stimulus checks

    Recipients spent the money from the $900-billion Covid-19 program, especially low-income households making less than $50,000.

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  • This former Michigan State University basketball player started selling mortgages in his 20s now he's worth more than $11 billion

    The country's leader in the wholesale mortgage market is now a public company. Here's what the company's CEO Mat Ishbia told Yahoo Finance.

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  • Earnings Estimates Rising for Bank of America (BAC): Will It Gain?

    Bank of America (BAC) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

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  • Bank of America Announces Redemption of €2.0 Billion of Floating Rate Senior Notes, due February 7, 2022 and €1.25 Billion of 0.736% Fixed/Floating Rate Senior Notes, due February 7, 2022

    Bank of America Corporation announced today that it will redeem on February 7, 2021 (i) all €2,000,000,000 principal amount outstanding of its Floating Rate Senior Notes, due February 7, 2022 (ISIN: XS1560862580; Common Code: 156086258) (the "Floating Rate Notes") and (ii) all €1,250,000,000 principal amount outstanding of its 0.736% Fixed/Floating Rate Senior Notes, due February 7, 2022 (ISIN: XS1560863554; Common Code: 156086355) (the "Fixed/Floating Rate Notes" and together with the Floating Rate Notes, the "Notes").

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  • Bitcoin Is Getting Crushed Because Holders Worry They’ll Never See These Prices Again

    The slide comes as the currency moves toward the mainstream. BlackRock will allow two of its funds to invest in Bitcoin futures.

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  • Powerball winner in Maryland should remember this before cashing the $730 million ticket: expert

    Be wise with how you allocate your money, $730 million Powerball winner.

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  • Influencers with Andy Serwer: Ray McGuire

    In this episode of Influencers, Andy is joined by NYC mayoral candidate and former Citigroup executive, Ray McGuire to discuss his 2021 run for New York City mayor, what he expects from Joe Biden’s administration, and why the U.S. needs more economic relief and stimulus.

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  • Morgan Stanley Earnings Beat On Strong Trading, Wealth Management

    Morgan Stanley beat fourth-quarter earnings forecasts Wednesday on strong wealth management and Wall Street results.

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  • Company News for Jan 20, 2021

    Companies In The News Are: BAC, SCHW, CMA, ONB.

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  • Morgan Stanley Reports Record Revenues as M&A, Trading Take Off

    With more fee-based income and less exposure to potential virus-related loan losses, the investment bank outshone other lenders.

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  • Big U.S. banks hunger for loans, capital relief as deposits pile up

    A swell of deposits during the coronavirus pandemic has put big U.S. banks on the back foot, with executives saying they hope regulators provide relief on rules that punish bloated balance sheets until loan demand snaps back. JPMorgan Chase & Co, Bank of America Corp and Citigroup took in more than $1 trillion in deposits last year, compared with a $92 billion increase in 2019. Combined with rules that require more capital for bigger balance sheets, that makes deposits more expensive to hold, instead of profitable.

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  • Bank of America Shows an Optimistic Outlook on 4th-Quarter Results

    The bank major feels comfortable enough to resume buybacks, decrease credit loss reserves

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  • Stock Market Today: Investors Cheer Yellen Remarks on Stimulus, Taxes

    President-Elect Joe Biden's pick for Treasury secretary sets a market-friendly tone in congressional hearing, lifting investor spirits Tuesday.

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  • Should You Buy Goldman Sachs or Bank of America?

    Both stocks look fairly valued

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  • Stocks End Higher as Yellen Tells Congress to 'Act Big' on Stimulus

    Janet Yellen, President-elect Joe Biden's nominee for treasury secretary, tells Congress it must do more to lift the U.S. economy out of the pandemic-induced recession.

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  • Goldman Sachs Blows Away Earnings Views; Bank Of America Mixed As Buybacks OK'd

    Goldman Sachs crushed Q4 views Tuesday on strong trading revenue, while Bank of America reported mixed results.

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  • Oil Surges With Equities on Hopes Stimulus Will Boost Economy

    (Bloomberg) -- Oil surged the most in over a week in London as broader markets rallied on expectations of additional U.S. stimulus boosting the economy.Futures in London rose 2.1% on Tuesday. U.S. stocks gained as Treasury Secretary nominee Janet Yellen called on lawmakers to “act big” on stimulus, which could provide a boost to consumption while vaccines continue to be rolled out. A weaker U.S. dollar is also increasing the appeal for commodities that are priced in the currency.“Yellen has implied there’s going to be stimulus for size and that implies we’re going to have demand creation,” said Bob Yawger, head of the futures division at Mizuho Securities. The expectation of a weaker dollar over the next few weeks “will start to supersize the reflation trade and crude oil is front and center as far as that’s concerned.”Meanwhile, the oil futures curve is signaling growing expectations of supply tightness. Brent’s nearest contract is trading at a premium to the following month after settling at a discount on Friday. The flip to the bullish pattern known as backwardation strengthened sharply shortly before a key North Sea pricing window showed renewed buying interest from Unipec, the trading arm of China’s largest oil refiner.West Texas Intermediate crude’s so-called prompt spread is also on the verge of flipping to backwardation for the first time since May, settling at parity on Tuesday.But the near-term trajectory of oil’s demand recovery has lost some momentum as governments tighten restrictions to curb the spread of Covid-19. In China, there are government calls for citizens not to travel over the Lunar New Year holidays, while vast swaths of Japan are in a state of emergency and several European nations are still locked down.OPEC Secretary-General Mohammad Barkindo said that while the producer group is cautiously optimistic about a recovery this year, the rebound is fragile. Meanwhile, the International Energy Agency cut its demand outlook for the rest of the year as the virus continues to impede mobility.“Demand is a work in progress,” said Stewart Glickman, energy equity analyst at CFRA Research. “It’s starting to come back, but we’re not seeing a huge surge in demand that would give a little more confidence about how the economy’s doing.”Still, despite the reduction in the IEA’s demand estimates, global oil stockpiles stand to fall by 100 million barrels in the first quarter and the agency sees much steeper declines in the second half of the year. That comes as traders have been rushing back to the market on expectations of a recovery in global growth later in 2021.“A swift recovery in global mobility could create a substantial oil deficit in 2021 as herd immunity takes hold across a major economies,” Bank of America Global Research said in a report. Still, “with a clear risk of new lockdowns ahead due to the new virus strains and refinery crude demand set to ebb off seasonally, we see limited upside to crude oil prices in the very near-term.”There have also been small pockets of supply outages in recent days. Kazakh oil production fell by about 300,000 barrels a day on Monday due to planned maintenance, while Libyan output slipped over the weekend on pipeline repairs.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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