Bank of America Corp
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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
$27.03
Day's Change
0.78 (2.97%)
Bid
--
Ask
--
B/A Size
--
Day's High
27.12
Day's Low
26.44
Volume
(Average)
Volume:
70,841,690

10-day average volume:
70,379,365
70,841,690

UPDATE: 20 companies, including Amazon and Chipotle, that are getting more profitable as sales improve

7:27 am ET August 9, 2019 (MarketWatch)
Print

UPDATE: 20 companies, including Amazon and Chipotle, that are getting more profitable as sales improve

By Philip van Doorn, MarketWatch

Earnings season is turning out to be better than expected -- many companies are having their cake and eating it too

Second-quarter earnings season isn't turning out to be as bad as analysts expected. Some companies have managed to increase revenue significantly, and some have improved their gross margins. A select few have done both.

First, let's see how earnings are measuring up for the S&P 500 . A month ago, analysts polled by S&P Global Market Intelligence expected weighted aggregate second-quarter earnings per share to increase from a year earlier for only three of the benchmark index's 11 sectors: financials, health care and industrials.

Here are the current estimates through Aug. 7, as we approach the end of second-quarter earnings season, showing how they have improved for all sectors from a month earlier:

S&P 500 sector Q2 earnings change estimate - Aug. 7 Q2 earnings change estimate - July 7

Financials 9.1% 4.3%

Health Care 8.4% 2.0%

Real Estate 6.8% -9.2%

Consumer Staples 1.0% -0.7%

Information Technology 0.6% -4.4%

Consumer Discretionary -2.6% -3.8%

Utilities -8.1% -6.8%

Industrials -8.5% 0.2%

Energy -13.5% -4.5%

Materials -18.6% -20.5%

Communication Services -38.6% -42.5%

S&P 500 Index 0.8% -1.7%

Source: S&P Global Market Intelligence

So five sectors are now expected to show improved EPS, up from three, and the entire S&P 500 Index is expected to show a slight improvement.

Sales, gross margins

The sector numbers for earnings per share are useful, but even they can be skewed by one-time events, as we can see with the numbers for the communication-services sector: AT&T (T) reported second-quarter net income available to common shareholders of 51 cents a share, down from 81 cents a year earlier. However, EPS for the most recent quarter included 38 cents in one-time items, mainly related to the company's acquisition of Time Warner in June.

When screening companies during earnings season, it might be more useful to look at increases in sales and then at gross profit margins. A company's gross margin is its sales, less the cost of goods sold, divided by sales. It is a measure of profitability for the company's main business of providing goods and services. It doesn't reflect overhead costs or financing activity. But it gives an indication of pricing power. If a company's sales are increasing while the gross margin is narrowing, it could mean the company is being forced to offer heavier discounts to protect its market share. A widening margin while sales are increasing is a good sign.

There is, of course, no perfect stock screen -- you have to be very careful with any list and then do your own detailed research of any company that interests you.

The following list doesn't include banks and insurance companies, for which gross margin figures are usually not available and not useful. Those industries have their own profitability measures.

"Earnings season" isn't as cut-and-dry a period as investors might wish it to be, because so many companies have fiscal schedules that don't match the calendar. As of the market close Aug. 7, 85% of the S&P 500 had reported results for fiscal quarters ended May 25 or later.

Among those companies, here are the 20 that increased sales the most, while also expanding their gross margins from a year earlier.

First, sales and sales per share:

Company Ticker Sales - most recently reported quarter ($mil) Sales -year-earlier quarter ($mil) Increase in sales Sales per share - most recently reported quarter Sales per share - year-earlier quarter Increase in sales per share

Vornado Realty Trust US:VNO $3,141 $555 466% $16.44 $2.90 466%

Qualcomm Inc. US:QCOM $9,635 $5,577 73% $7.83 $3.77 108%

CVS Health Corp. US:CVS $63,431 $46,708 36% $48.72 $45.88 6%

SL Green Realty Corp. US:SLG $372 $300 24% $4.47 $3.25 38%

Jefferies Financial Group Inc. US:JEF $1,504 $1,244 21% $4.81 $3.49 38%

Ansys Inc. US:ANSS $369 $306 21% $4.31 $3.56 21%

Royal Caribbean Cruises Ltd. US:RCL $2,807 $2,338 20% $13.36 $11.00 21%

Amazon.com Inc. US:AMZN $63,404 $52,886 20% $126.05 $105.77 19%

Fortinet Inc. US:FTNT $522 $441 18% $2.98 $2.54 17%

United Technologies Corp. US:UTX $19,650 $16,704 18% $22.75 $20.89 9%

MarketAxess Holdings Inc. US:MKTX $125 $108 16% $3.31 $2.86 16%

CF Industries Holdings Inc. US:CF $1,502 $1,300 16% $6.76 $5.53 22%

Alexandria Real Estate Equities Inc. US:ARE $376 $326 15% $3.38 $3.19 6%

Celgene Corp. US:CELG $4,378 $3,825 14% $6.02 $5.22 15%

Paccar Inc. US:PCAR $6,636 $5,802 14% $19.08 $16.46 16%

Alexion Pharmaceuticals Inc. US:ALXN $1,194 $1,047 14% $5.29 $4.70 13%

Chipotle Mexican Grill Inc. US:CMG $1,434 $1,267 13% $50.68 $45.34 12%

ResMed Inc. US:RMD $705 $624 13% $4.87 $4.33 13%

Merck & Co. Inc. US:MRK $11,679 $10,343 13% $4.51 $3.84 18%

Duke Realty Corp. US:DRE $237 $211 13% $0.65 $0.58 13%

(MORE TO FOLLOW) Dow Jones Newswires

August 09, 2019 07:27 ET (11:27 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

UPDATE: 20 companies, including Amazon and -2-

Source: FactSet

You can click on the tickers for more about each company, including news, profiles and earnings results.

Sales per share are also shown, because this figure may differ significantly from raw revenue if a company's share count has changed. For example, Qualcomm's (QCOM) average share count was down 17% year-over-year from stock buybacks, increasing the per-share figure. CVS's (CVS) share count increased because it issued stock to purchase Aetna in November, so its sales per share increased only 6%, while revenue was up 36%. For Amazon.com (AMZN), the average share count increased less than 1%, but it was enough to make the percentage increase in sales per share slightly lower than the increase in raw revenue.

Here's how quarterly gross margins improved for the group:

Company Ticker Gross income margin - most recently reported quarter Gross income margin - year-earlier quarter

Vornado Realty Trust US:VNO 89.52% 39.21%

Qualcomm Inc. US:QCOM 79.06% 57.61%

CVS Health Corp. US:CVS 18.87% 15.42%

SL Green Realty Corp. US:SLG 50.87% 41.07%

Jefferies Financial Group Inc. US:JEF 88.19% 86.52%

Ansys Inc. US:ANSS 87.69% 85.63%

Royal Caribbean Cruises Ltd. US:RCL 33.52% 33.02%

Amazon.com Inc. US:AMZN 42.69% 42.08%

Fortinet Inc. US:FTNT 70.27% 69.18%

United Technologies Corp. US:UTX 26.78% 25.92%

MarketAxess Holdings Inc. US:MKTX 87.70% 87.45%

CF Industries Holdings Inc. US:CF 33.16% 23.85%

Alexandria Real Estate Equities Inc. US:ARE 38.34% 36.98%

Celgene Corp. US:CELG 94.06% 93.39%

Paccar Inc. US:PCAR 15.90% 14.45%

Alexion Pharmaceuticals Inc. US:ALXN 84.99% 83.29%

Chipotle Mexican Grill Inc. US:CMG 17.29% 15.83%

ResMed Inc. US:RMD 59.27% 56.26%

Merck & Co. Inc. US:MRK 71.44% 66.99%

Duke Realty Corp. US:DRE 34.11% 33.96%

Source: FactSet

Here's a summary of analysts' opinions about this group.

Company Ticker Share 'buy' ratings Share neutral ratings Share 'sell' ratings Closing price - Aug. 7 Consensus price target Implied 12-month upside potential

Vornado Realty Trust US:VNO 61% 31% 8% $60.89 $72.55 19%

Qualcomm Inc. US:QCOM 48% 52% 0% $69.40 $82.65 19%

CVS Health Corp. US:CVS 65% 35% 0% $58.12 $68.52 18%

SL Green Realty Corp. US:SLG 52% 37% 11% $76.79 $96.34 25%

Jefferies Financial Group Inc. US:JEF 50% 50% 0% $19.64 $28.50 45%

Ansys Inc. US:ANSS 41% 41% 18% $201.89 $212.92 5%

Royal Caribbean Cruises Ltd. US:RCL 80% 20% 0% $107.37 $141.18 31%

Amazon.com Inc. US:AMZN 100% 0% 0% $1,793.40 $2,275.98 27%

Fortinet Inc. US:FTNT 36% 57% 7% $81.46 $94.96 17%

United Technologies Corp. US:UTX 74% 26% 0% $129.01 $154.63 20%

MarketAxess Holdings Inc. US:MKTX 0% 82% 18% $348.92 $306.56 -12%

CF Industries Holdings Inc. US:CF 47% 53% 0% $50.45 $53.00 5%

Alexandria Real Estate Equities Inc. US:ARE 64% 36% 0% $144.36 $152.10 5%

Celgene Corp. US:CELG 17% 83% 0% $93.97 $98.83 5%

Paccar Inc. US:PCAR 17% 66% 17% $65.26 $71.25 9%

Alexion Pharmaceuticals Inc. US:ALXN 84% 16% 0% $108.91 $158.94 46%

Chipotle Mexican Grill Inc. US:CMG 34% 46% 20% $795.05 $756.55 -5%

ResMed Inc. US:RMD 59% 18% 23% $129.00 $127.68 -1%

Merck & Co. Inc. US:MRK 87% 13% 0% $84.25 $94.67 12%

Duke Realty Corp. US:DRE 76% 24% 0% $32.67 $34.59 6%

Source: FactSet

Don't miss: Here's a real contrarian play to take advantage of other investors' fear (http://www.marketwatch.com/story/heres-a-real-contrarian-stock-play-to-take-advantage-of-other-investors-fear-2019-08-07)

Create an email alert for Philip van Doorn's Deep Dive columns here (http://www.marketwatch.com/tools/alerts/newsColumn.asp).

-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

August 09, 2019 07:27 ET (11:27 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

MW UPDATE: 20 companies, including Amazon and -2-

Source: FactSet

You can click on the tickers for more about each company, including news, profiles and earnings results.

Sales per share are also shown, because this figure may differ significantly from raw revenue if a company's share count has changed. For example, Qualcomm's (QCOM) average share count was down 17% year-over-year from stock buybacks, increasing the per-share figure. CVS's (CVS) share count increased because it issued stock to purchase Aetna in November, so its sales per share increased only 6%, while revenue was up 36%. For Amazon.com (AMZN), the average share count increased less than 1%, but it was enough to make the percentage increase in sales per share slightly lower than the increase in raw revenue.

Here's how quarterly gross margins improved for the group:

Company Ticker Gross income margin - most recently reported quarter Gross income margin - year-earlier quarter

Vornado Realty Trust US:VNO 89.52% 39.21%

Qualcomm Inc. US:QCOM 79.06% 57.61%

CVS Health Corp. US:CVS 18.87% 15.42%

SL Green Realty Corp. US:SLG 50.87% 41.07%

Jefferies Financial Group Inc. US:JEF 88.19% 86.52%

Ansys Inc. US:ANSS 87.69% 85.63%

Royal Caribbean Cruises Ltd. US:RCL 33.52% 33.02%

Amazon.com Inc. US:AMZN 42.69% 42.08%

Fortinet Inc. US:FTNT 70.27% 69.18%

United Technologies Corp. US:UTX 26.78% 25.92%

MarketAxess Holdings Inc. US:MKTX 87.70% 87.45%

CF Industries Holdings Inc. US:CF 33.16% 23.85%

Alexandria Real Estate Equities Inc. US:ARE 38.34% 36.98%

Celgene Corp. US:CELG 94.06% 93.39%

Paccar Inc. US:PCAR 15.90% 14.45%

Alexion Pharmaceuticals Inc. US:ALXN 84.99% 83.29%

Chipotle Mexican Grill Inc. US:CMG 17.29% 15.83%

ResMed Inc. US:RMD 59.27% 56.26%

Merck & Co. Inc. US:MRK 71.44% 66.99%

Duke Realty Corp. US:DRE 34.11% 33.96%

Source: FactSet

Here's a summary of analysts' opinions about this group.

Company Ticker Share 'buy' ratings Share neutral ratings Share 'sell' ratings Closing price - Aug. 7 Consensus price target Implied 12-month upside potential

Vornado Realty Trust US:VNO 61% 31% 8% $60.89 $72.55 19%

Qualcomm Inc. US:QCOM 48% 52% 0% $69.40 $82.65 19%

CVS Health Corp. US:CVS 65% 35% 0% $58.12 $68.52 18%

SL Green Realty Corp. US:SLG 52% 37% 11% $76.79 $96.34 25%

Jefferies Financial Group Inc. US:JEF 50% 50% 0% $19.64 $28.50 45%

Ansys Inc. US:ANSS 41% 41% 18% $201.89 $212.92 5%

Royal Caribbean Cruises Ltd. US:RCL 80% 20% 0% $107.37 $141.18 31%

Amazon.com Inc. US:AMZN 100% 0% 0% $1,793.40 $2,275.98 27%

Fortinet Inc. US:FTNT 36% 57% 7% $81.46 $94.96 17%

United Technologies Corp. US:UTX 74% 26% 0% $129.01 $154.63 20%

MarketAxess Holdings Inc. US:MKTX 0% 82% 18% $348.92 $306.56 -12%

CF Industries Holdings Inc. US:CF 47% 53% 0% $50.45 $53.00 5%

Alexandria Real Estate Equities Inc. US:ARE 64% 36% 0% $144.36 $152.10 5%

Celgene Corp. US:CELG 17% 83% 0% $93.97 $98.83 5%

Paccar Inc. US:PCAR 17% 66% 17% $65.26 $71.25 9%

Alexion Pharmaceuticals Inc. US:ALXN 84% 16% 0% $108.91 $158.94 46%

Chipotle Mexican Grill Inc. US:CMG 34% 46% 20% $795.05 $756.55 -5%

ResMed Inc. US:RMD 59% 18% 23% $129.00 $127.68 -1%

Merck & Co. Inc. US:MRK 87% 13% 0% $84.25 $94.67 12%

Duke Realty Corp. US:DRE 76% 24% 0% $32.67 $34.59 6%

Source: FactSet

Don't miss: Here's a real contrarian play to take advantage of other investors' fear (http://www.marketwatch.com/story/heres-a-real-contrarian-stock-play-to-take-advantage-of-other-investors-fear-2019-08-07)

Create an email alert for Philip van Doorn's Deep Dive columns here (http://www.marketwatch.com/tools/alerts/newsColumn.asp).

-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

August 09, 2019 07:27 ET (11:27 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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