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Financials : Banks | Large Cap ValueCompany profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Closing Price
$30.03
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
30.16
Day's Low
29.82
Volume
(Average)
Volume:
61,796,624

10-day average volume:
62,585,531
61,796,624

UPDATE: Cronos stock downgraded after rocketing more than 100% in 2019 so far

7:48 am ET February 7, 2019 (MarketWatch)
Print

By Ciara Linnane, MarketWatch

GMP Securities cuts rating to hold from buy after stock run-up, but says it's still a believer in the Cronos story

Cannabis stocks were mostly lower on Tuesday, as investors digested a downgrade of Canada's Cronos Group Inc. after its strong gains in the year so far.

Cronos shares (CRON.T) were down 6%, after GMP Securities lowered its rating to hold from buy and reiterated a stock price target of C$24 ($18) that implies 21% downside from its current trading level.

"The company's shares have surged 110% year-to-date on no material news and have outperformed the HMMJ cannabis index by a factor of 2," analyst Martin Landry wrote in the note. "This strong performance forces us to change our rating to HOLD solely based on valuation."

GMP is a believer in the' promising outlook at Cronos, praising its strong management team and record of efficient capital deployment. The recent news of tobacco giant Altria Inc.'s (http://www.marketwatch.com/story/cannabis-stock-cronos-soars-24-as-altria-takes-major-stake-2018-12-07)(MO) (http://www.marketwatch.com/story/cannabis-stock-cronos-soars-24-as-altria-takes-major-stake-2018-12-07)planned C$2.4 billion investment in the company (http://www.marketwatch.com/story/cannabis-stock-cronos-soars-24-as-altria-takes-major-stake-2018-12-07)"will be a game changer," Landry wrote in a note.

However, "Cronos is still in the early stage of its development with limited revenues in relation to its sizable market cap," said Landry. "Hence, in our view, the company needs to backfill its valuation with capital deployment into the U.S. market, increase its penetration in the Canadian recreational market and continue its international expansion."

The analyst is advising investors to take a breather on the stock and wait for a more attractive entry point.

Also Tuesday, a new report on American's changing views of cannabis found public opinion has shifted dramatically in favor of legalization, a trend it partially credited to the media.

Read here:This is the surprising reason why Americans have dramatically shifted their views on legalizing pot (http://www.marketwatch.com/story/this-is-the-surprising-reason-why-americans-have-dramatically-shifted-their-views-on-legalizing-pot-2019-02-05)

"As politically polarized as the country may seem, when it comes to marijuana, Americans have been changing their attitudes together, as a nation," the report published by research database The Conversation (https://theconversation.com/us) found.

Support for legalization began to climb as the media began to cover cannabis as a medical issue, disassociating it from other Schedule I drugs such as heroin and cocaine with which it is still classified. As Americans became more supportive of the substance, they became less punitive about its use and began to view the criminal justice system as overly harsh.

Meanwhile, the decline in the number of Americans who say they have a religious affiliation also contributed to overall support, the study found. It did not find a drastic increase in the number of users of cannabis in the U.S.

Namaste Technologies Inc. shares rose 1%. The stock fell about 16% on Monday after it fired its chief executive for cause and launched a review of its strategic options that may result in a sale of the company (http://www.marketwatch.com/story/canadian-cannabis-company-namastes-stock-slides-after-ceo-is-fired-for-cause-2019-02-04).

The company said a special committee probe found evidence of self-dealing and other breaches of fiduciary duty by Sean Dollinger and has launched legal action seeking damages and disgorgement.

The U.S. Securities and Exchange Commission has warned of a potentially elevated risk of scams and other suspicious behavior in the relatively nascent cannabis industry.

Tetra Bio-Pharma Inc. shares slid 21%, after it said it was temporarily suspending a phase 3 clinical program (https://tetrabiopharma.com/investors/press-releases/press-release-details/2019/Tetra-Bio-Pharma-Redefines-Quality-Standards-for-Pharmaceutical-Grade-Cannabis-Derived-Products/default.aspx) because of impurities it discovered in its PPP001 investigational drug, which is made of raw cannabis materials and is being given to patients. The company said it informed regulators within 24-hours of discovering the impurities and has notified all patients involved.

It did not say who provided the cannabis, but the company has a distribution agreement with Aphria Inc. (https://www.facebook.com/tetrabiopharma/posts/tetra-bio-pharma-aphria-announce-plans-for-joint-distribution-of-dried-medical-c/1302791643138556/) (https://www.facebook.com/tetrabiopharma/posts/tetra-bio-pharma-aphria-announce-plans-for-joint-distribution-of-dried-medical-c/1302791643138556/)which has also conducted a financing deal (https://tetrabiopharma.com/investors/press-releases/press-release-details/2018/Tetra-Bio-Pharma-Closes-Financing-With-Aphria-Inc/default.aspx)with the biotech. An Aphria spokesperson was not immediately available to comment. Aphria shares (APHA.T) (APHA.T) were down 5.6%.

In Canada, the Toronto-based Flowr Corp. (FLWR.V) said Tuesday that it had applied to list its stock on the Nasdaq. It currently trades on the TSX Venture Exchange and over the counter in the U.S. Flowr is following other major Canadian licensed cannabis producers, many of which have cross-listed stocks.

Read also:The collapse of this cannabis stock offers a valuable lesson to every investor (http://www.marketwatch.com/story/the-collapse-of-this-cannabis-shock-offers-a-valuable-lesson-to-every-investor-2018-11-23)

Don't miss:Aphria rises after Citron sells, MedMen sued by former CFO (http://www.marketwatch.com/story/aphria-rises-after-citron-sells-medmen-sued-by-former-cfo-2019-02-01)

Elsewhere in the sector, Canopy Growth Corp. shares (WEED.T) (WEED.T) were down 0.8%, and Tilray Inc. added 1.4%.

Aurora Cannabis Inc. (ACB.T) gained 1%, Aleafia Health Inc. (ALEF.V) (ALEF.V) was up 3.4% and Hexo Corp. (HEXO.T) was down 0.6%.

The Horizons Marijuana Life Sciences ETF was up 0.6% and the ETFMG Alternative Harvest (MJ) as up 0.5%.

The S&P 500 was up 0.4% and the Dow Jones Industrial Average was up 0.6%.

Additional reporting by Max A. Cherney

For all of MarketWatch's coverage of cannabis, click here. (http://www.marketwatch.com/storyno-meta-for-guid)

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

February 07, 2019 07:48 ET (12:48 GMT)

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