Bank of America Corp
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Financials : Banks | Large Cap Value
Company 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
$29.13
Day's Change
-1.50 (-4.90%)
Bid
--
Ask
--
B/A Size
--
Day's High
30.30
Day's Low
28.91
Volume
(Heavy Day)
Volume:
121,148,292

10-day average volume:
56,916,253
121,148,292

UPDATE: Here's what investors may be overlooking about Tesla

1:18 pm ET February 9, 2020 (MarketWatch)
Print

By Claudia Assis, MarketWatch

Don't expect another 'golden quarter,' venture capitalist warns

Tesla Inc. stock on Thursday resumed its march upward after faltering at the open, and a known Tesla bull has just issued a list of potential pitfalls on the Silicon Valley car maker's way.

Gene Munster of Loup Ventures, a former Wall Street analyst turned venture capitalist, said that expectations for Tesla (TSLA) may have risen too quickly ahead of unrealistic expectations for first-quarter profit and sales.

Don't miss:Tesla shares' 'evening star' chart pattern portends a reversal in progress (http://www.marketwatch.com/story/tesla-shares-evening-star-chart-pattern-portends-a-reversal-in-progress-2020-02-05)

The current stock price may be overlooking a quarter-on-quarter sales decline, negative cash flow, and margin pressure from production ramps and fewer sales, Munster said in a blog post (https://loupventures.com/tesla-faces-headwinds-as-expectations-rise/).

The company's fourth quarter was "a golden holiday quarter full of tailwinds," but that is unlikely to be the case for the first quarter, Munster said.

Tesla stock was recently up 5% after a 17% loss on Wednesday (http://www.marketwatch.com/story/tesla-off-the-accelerator-as-stock-takes-worst-stumble-in-more-than-6-years-2020-02-05) that pushed the shares price below $800. The stock hit a record closing high of $887.06 and a record intraday high of $968.99 on Tuesday. The stock has gained 134% in the past three months, breaking records almost continuously since mid-December.

See also:Famed short seller tells MarketWatch why he's betting against Tesla's 'casino' (http://www.marketwatch.com/story/tesla-casino-lures-back-famed-short-seller-2020-02-04)

Some buyers were eager to buy a Tesla vehicle before the phasing out on tax incentives in the U.S. and in the Netherlands, fueling part of fourth-quarter sales. First quarter is a seasonally weak period for auto makers. Moreover, Tesla removed standard language from its letter to investors assuring that sales would to increase quarter to quarter.

"The removal likely indicates Q1 deliveries will decline significantly from 112k vehicles in Q4," Munster said. "Vehicle production will likely outpace deliveries significantly in Q1, which may lead to negative FCF for the quarter."

Related:Opinion: More fuel for Tesla? Stock could join the S&P 500 by the end of the year (http://www.marketwatch.com/story/more-fuel-for-tesla-stock-could-join-the-sp-500-by-the-end-of-the-year-2020-01-30)

Wall Street essentially has reclassified Tesla as a tech company, and that's a "justified" repricing, Munster said, but cautioned "the Street is overlooking short-term headwinds."

Tesla shares have gained 140% in the past 12 months, which compares with advances of 22% and 16% for the S&P 500 index and the Dow Jones Industrial Average.

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

February 09, 2020 13:18 ET (18:18 GMT)

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